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Barchart
Barchart
Rich Asplund

Crude Prices Slip on Weakness in Equity Markets

Oil Israel United States Drone Hezbollah OPEC Red Sea Russia Vortexa

March WTI crude oil (CLH24) this morning is down -0.33 (-0.42%), and Mar RBOB gasoline (RBH24) is down -3.80 (-1.63%).

Crude oil and gasoline prices this morning gave up overnight gains and are moderately lower.  Crude fell back from a 3-1/2 month high today as weakness in stocks undercuts economic optimism and is negative for energy demand and crude prices.  Crude initially moved higher today after the dollar index dropped to a 2-week low.  Also, oil prices have support from concerns about the possible escalation of the Israel-Hamas war to Lebanon and attacks on commercial ships in the Red Sea by Yemen's Houthi rebels.

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