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Barchart
Barchart
Rich Asplund

Crude Oil Settles Lower on Dollar Strength

Oil United States OPEC

March WTI crude oil (CLH25) Friday closed down -0.20 (-0.27%), and March RBOB gasoline (RBH25) closed down -0.0067 (-0.32%).

Crude and gasoline prices settled moderately lower on Friday, with crude posting a 4-week low.  Friday's rally in the dollar index (DXY00) to a 1-week high undercut energy prices.  Crude prices also came under pressure after a tanker departed Russia's Ust-Luga port with crude Friday, suggesting limited impact from Ukraine's drone strike on the facility.  Limiting losses in crude oil is a concern about a possible +25% tariff on Canadian and Mexican goods starting Saturday that could curb US crude supplies, with Canada and Mexico being the two largest exporters of crude oil to the US.  

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