February WTI crude oil (CLG24) closed up +2.01 (+2.73%) on Tuesday, and Feb RBOB gasoline (RBG24) closed up +3.09 (+1.44%).
Crude oil and gasoline prices on Tuesday closed moderately higher, with crude posting a 3-week high. A weaker dollar Tuesday was supportive of energy prices. Heightened geopolitical risks also gave crude prices a boost Tuesday after the U.S. military launched strikes on three installations in Iraq, targeting a terrorist group backed by Iran that was accused of a series of drone attacks on American troops. Also, the UK navy on Tuesday reported attacks on two commercial vessels sailing in the Red Sea near Yemen. In addition, Tuesday's U.S. economic reports were bullish for the energy markets.
