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Barchart
Barchart
Rich Asplund

Crude Prices Supported by Dollar Weakness and Tariff Concerns

Oil United States OPEC Russia GDP

March WTI crude oil (CLH25) Thursday closed up +0.11 (+0.15%), and March RBOB gasoline (RBH25) closed up +0.0058 (+0.28%).

Crude and gasoline prices recovered from early losses on Thursday and posted modest gains.  Thursday's weaker dollar was supportive of energy prices.  Crude also has support on concern that a possible +25% tariff on Canadian and Mexican goods starting Saturday could curb US crude supplies, with Canada and Mexico being the two largest exports of crude to the US.  Signs of weaker-than-expected global economic growth limited gains in crude after the US and Eurozone Q4 GDP grew at a slower-than-expected pace.  

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