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Barchart
Barchart
Rich Asplund

Crude Oil Prices Underpinned by Dollar Weakness and Geopolitical Risks

Oil United States Iran OPEC Donald Trump Ukraine EIA Oman Russia

March WTI crude oil (CLH26) on Friday closed up +0.26 (+0.41%), and March RBOB gasoline (RBH26) closed up +0.0266 (+1.38%).

Crude oil and gasoline prices recovered from early losses on Friday and moved higher after the dollar (DXY00) weakened.   Also, doubts that the US-Iranian talks in Oman will lead to a breakthrough in a nuclear deal are underpinning oil prices after the Wall Street Journal reported that Iran stands by its refusal to end uranium enrichment, a major sticking point for the US.  Crude prices also found support on Friday after the University of Michigan US Feb consumer sentiment index unexpectedly rose to a 6-month high, a positive factor for energy demand and crude prices.  

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