April WTI crude oil (CLJ25) Tuesday closed down -0.68 (-1.01%), and April RBOB gasoline (RBJ25) closed down -0.0128 (-0.59%).
Crude oil and gasoline prices Tuesday retreated from 2-week highs and settled moderately lower. Crude prices gave up early gains Tuesday and turned lower after Russian President Putin committed to limit Russian attacks on Ukrainian energy infrastructure for 30 days. Crude prices Tuesday initially moved higher on ramped up tensions in the Middle East after Israel launched a series of airstrikes across Gaza. Also, the US is launching strikes against Houthi Rebels in Yemen for attacking shipping in the Red Sea. Today's slump in the dollar index (DXY00) to a 5-month low and stronger-than-expected global economic news were also supportive for crude prices.
