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Barchart
Rich Asplund

Crude Oil Rises on Dollar Weakness and Iran Crude Sanctions

Oil United States OPEC Vladimir Putin EIA Russia

January WTI crude oil (CLF25) Tuesday closed up +1.84 (+2.70%), and January RBOB gasoline (RBF25) closed up +0.0452 (+2.36%).

Crude oil and gasoline prices on Tuesday pushed moderately higher due to a weaker dollar.  Crude extended its gains Tuesday after the US imposed more sanctions on Iranian crude, curbing global oil supplies.  Crude also found support after OPEC+ delegates said the group is firming up an agreement to delay its crude production increases for another three months.

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