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Barchart
Barchart
Rich Asplund

Crude Prices Rebound on Dollar Weakness and Possible Tighter US Sanctions on Iran

Oil United States Iran OPEC Vortexa

April WTI crude oil (CLJ25) today is up +0.96 (+1.45%), and April RBOB gasoline (RBJ25) is up +0.0360 (+1.72%).

Crude oil and gasoline prices today recovered from early losses and moved higher.  Today's fall in the dollar index (DXY00) 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.  Gains in crude were limited after the S&P 500 slid to a 5-3/4 month low, which curbed optimism in the economic outlook and energy demand.  Crude oil prices are still being undercut by concern that US tariffs will spark a trade war that dampens economic growth and energy demand.

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