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Barchart
Barchart
Rich Asplund

Crude Oil Rallies as Middle Eastern Crude Producers Raise Prices

Oil United States OPEC Russia China

March WTI crude oil (CLH25) Monday closed up +1.32 (+1.86%), and March RBOB gasoline (RBH25) closed down -0.0008 (-0.04%).

Crude oil and gasoline prices settled mixed Monday.  Crude oil prices rallied as tighter US sanctions on Russian crude limited global oil supplies, allowing the largest Middle Eastern oil producers to raise prices.  Also, concerns that global crude supplies could tighten even further are bullish for crude after the US ramped up sanctions on Iranian crude exports last Thursday.  A stronger dollar Monday weighed on oil and gasoline prices.

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