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Barchart
Rich Asplund

Crude Prices Climb on Energy Demand Optimism and Middle East Tensions

Oil United States OPEC Saudi Arabia Asia

August WTI crude oil (CLQ25) Monday closed up +0.93 (+1.39%), and August RBOB gasoline (RBQ25) closed up +0.0336 (+1.59%).

Oil prices recovered from early losses on Monday and rallied to 2-week highs after Saudi Arabia raised prices for its main crude grade for buyers in Asia next month by more than expected.  Crude prices added to their gains on elevated tensions in the Middle East after Houthi rebels attacked a ship sailing through the Red Sea, which could attract retaliatory US military strikes on the Houthi rebels.   Crude prices initially moved lower Monday due to a stronger dollar and after OPEC+ raised its crude production level more than expected on Sunday.  

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