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Barchart
Barchart
Rich Asplund

Crude Prices Climb on Geopolitical Risks from Russia and Iran

Oil Russia United States OPEC Ukraine EIA

December WTI crude oil (CLZ25) on Friday closed up +1.40 (+2.39%), and December RBOB gasoline (RBZ25) closed up +0.0519 (+2.65%).

Crude oil and gasoline prices rallied on Friday, recovering some of Wednesday's sharp sell-off.  Concerns about global oil supplies are bullish for crude prices after Ukraine on Friday launched drone and missile attacks on Russia's key oil export port of Novorossiysk, where Russia shipped about 700,000 bpd in September and October.  Ukraine also attacked the Rosneft Saratov refinery in Russia's Volga region on Friday, which processes about 140,000 bpd.

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