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Barchart
Barchart
Rich Asplund

Crude Prices Sink on Anticipation of a Middle East Cease-Fire

Oil Middle East crude oil Hezbollah Russia United States Ukraine Israel the Middle East

January WTI crude oil (CLF25) Monday closed down -2.30 (-3.23%), and January RBOB gasoline (RBF25) closed down -0.0637 (-3.16%).

Crude oil and gasoline prices plummeted Monday as geopolitical tensions eased in the Middle East amid reports Israel and Hezbollah are close to a cease-fire.  Crude price sank Monday despite a weaker dollar and a rally in the S&P 500 to a new record high, which signals confidence in the economic outlook and energy demand.  

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