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Barchart
Rich Asplund

Crude Prices Gain as Global Supplies Tighten

Oil OPEC Red Sea United States EIA Vortexa

February WTI crude oil (CLG24) on Tuesday closed up +1.47 (+2.08%), and Feb RBOB gasoline (RBG24) closed up +4.90 (+2.42%).

Crude oil and gasoline prices on Tuesday posted moderate gains as they recovered about half of Monday's sharp losses.  Supply disruptions to global crude supplies are underpinning oil prices as oil production at Libya's Sharara oil field remains shut down after protesters stopped production there last week.  A reduction in Russian crude exports is also favorable for oil prices.

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