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Barchart
Barchart
Rich Asplund

Crude Prices Higher on Tariff Concerns

Oil United States OPEC Russia GDP

March WTI crude oil (CLH25) today is up +0.58 (+0.80%), and March RBOB gasoline (RBH25) is up +0.0162 (+0.79%).

Crude and gasoline prices today recovered from early losses and are moderately higher.  Today's weaker dollar is supportive of energy prices.  Crude also has support on concern that a possible +25% tariff on Canadian and Mexican goods starting Saturday could curb US crude supplies, with Canada and Mexico being the two largest exports of crude to the US.  Signs of weaker-than-expected global economic growth are limiting gains in crude after the US and Eurozone Q4 GDP grew at a slower-than-expected pace.  

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