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Barchart
Barchart
Rich Asplund

Crude Prices Finish Higher on Dollar Weakness and Prospects of Tighter US Sanctions on Iran

Oil United States Iran OPEC EIA Vortexa

April WTI crude oil (CLJ25) Tuesday closed up +0.22 (+0.33%), and April RBOB gasoline (RBJ25) closed up +0.0125 (+0.60%).

Crude oil and gasoline prices recovered from early losses and posted mild gains on Tuesday.  The fall in the dollar index (DXY00) Tuesday to a 4-3/4 month low sparked short covering in crude.  Also, the Trump administration said it was prepared to enforce US sanctions on Iranian crude production, potentially tightening global oil supplies.

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