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Barchart
Rich Asplund

Crude Prices Close Slightly Higher on Possible Tighter Global Oil Supplies

Oil United States OPEC Iran China Hamas Vortexa

May WTI crude oil (CLK25) Friday closed up +0.21 (+0.31%), and May RBOB gasoline (RBK25) closed up +0.0026 (+0.12%).

Crude oil and gasoline prices posted modest gains on Friday.  Crude prices had carryover support from Thursday when the US ramped up sanctions on Iranian crude exports, which could tighten global oil supplies.  However, gains were limited as the dollar index (DXY00) rallied to a 2-week high.  Also, Friday's stock weakness undercut confidence in the economic outlook and energy demand. 

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