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Barchart
Barchart
Rich Asplund

Crude Prices Strengthen on Geopolitical Risks and Improved Global Energy Demand

Oil OPEC United States Russia Vortexa Israel EIA

May WTI crude oil (CLK24) on Tuesday closed up +1.44 (+1.72%), and May RBOB gasoline (RBK24) closed up +4.89 (+1.80%).

Crude and gasoline prices Tuesday settled moderately higher, with crude posting a 5-1/4 month high and gasoline posting a 2-week high.  A weaker dollar on Tuesday was supportive of energy prices.  Crude prices also rose on concerns that heightened geopolitical risks in the Middle East could lead to a disruption of crude supplies from the region.  In addition, better-than-expected global economic news is positive for energy demand and crude prices.  

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