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Barchart
Barchart
Rich Asplund

Crude Oil Rallies on Dollar Weakness and Heightened Geopolitical Risks

Oil United States OPEC Donald Trump Iran Russia Ukraine EIA

March WTI crude oil (CLH26) on Friday closed up +1.71 (+2.88%), and March RBOB gasoline (RBH26) closed up +0.0307 (+1.67%).

Crude oil and gasoline prices rose sharply on Friday, with crude oil posting a 1-week high.  Friday's slump in the dollar index (DXY00) to a 3.5-month low is supportive for energy prices.  Also, an increase in geopolitical risks is boosting crude prices after Russia threw cold water on hopes of a breakthrough in peace talks with Ukraine and after President Trump revived the possibility of US military action against Iran.

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