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Rich Asplund

Crude Prices Climb on Dollar Weakness and Global Supply Concerns

Oil OPEC United States Red Sea

February WTI crude oil (CLG24) this morning is up +1.82 (+2.52%), and Feb RBOB gasoline (RBG24) is up +1.40 (+0.66%).

Crude oil and gasoline prices this morning are moderately higher, with crude posting a 1-week high. A reversal in the dollar today boosted energy prices after the dollar index (DXY00) fell back from a 3-week high and turned lower. Also, today's mostly better-than-expected U.S. economic news is positive for energy demand and crude prices. In addition, crude has carryover support due to supply disruptions in Libya and heightened geopolitical tensions in the Middle East.

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