January WTI crude oil (CLF26) on Friday closed up +0.51 (+0.91%), and January RBOB gasoline (RBF26) closed up +0.0069 (+0.41%).
Crude oil and gasoline prices settled higher on Friday. Crude prices are supported amid heightened geopolitical risks in Venezuela and Russia. Also, Friday's stock rally boosts optimism about the economic outlook, which is supportive of energy demand. Crude prices raced to their highs Friday afternoon after the Baker Hughes weekly report showed active US oil rigs fell to a 4.25-year low, which portends lower crude production in the near term.
