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Barchart
Barchart
Rich Asplund

Crude Oil Prices Rise on Geopolitical Risks and Energy Demand Optimism

Oil OPEC United States Russia Venezuela EIA

January WTI crude oil (CLF26) today is up +0.28 (+0.50%), and January RBOB gasoline (RBF26) is up +0.0006 (+0.04%).

Crude oil and gasoline prices are stronger today.  Crude prices are supported amid heightened geopolitical risks in Venezuela and Russia.  Also, today's stock rally boosts optimism about the economic outlook, which is supportive of energy demand.  Gains in crude are limited after the dollar index (DXY00) climbed to a 1-week high today.  Also, a bearish global supply outlook continues to limit the upside in crude prices.

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