January WTI crude oil (CLF26) on Monday closed up +0.77 (+1.32%), and January RBOB gasoline (RBF26) closed up +0.00474 (+2.60%).
Crude oil and gasoline prices settled higher on Monday, with crude posting a 1-week high. Monday's decline in the dollar index (DXY00) to a 2-week low is bullish for energy prices. Also, reduced Russian crude exports are boosting oil prices after Ukrainian drone and missile attacks forced a key Russian Black Sea oil terminal to close operations. In addition, heightened geopolitical risks in Venezuela are boosting crude prices after President Trump said airspace over Venezuela should be considered closed. Venezuela is the world's 12th-largest oil producer.
