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Barchart
Barchart
Rich Asplund

Crude Oil Prices Higher on Oil Tanker Disruptions

Oil OPEC United States Ukraine Venezuela EIA Russia Stock Market

January WTI crude oil (CLF26) on Monday closed up +0.51 (+0.91%), and January RBOB gasoline (RBF26) closed up +0.0340 (+1.99%).

Crude oil on Monday rallied on geopolitical risks in Venezuela and Ukraine-Russia.  Other bullish factors included the weaker dollar and the stronger stock market.  Crude prices had carry-over support from last Friday's news from Baker Hughes that active US oil rigs fell to a 4.25-year low, which implies reduced US crude oil production.  

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