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Barchart
Rich Asplund

Crude Prices Supported by Dollar Weakness and Tighter Russia Sanctions

Oil United States Russia OPEC Vortexa

April WTI crude oil (CLJ25) today is up +0.50 (+0.75%), and April RBOB gasoline (RBJ25) is up +0.0042 (+0.20%).

Crude oil prices today are moderately higher.  Today's weaker dollar is supportive of crude prices.   Crude prices also rose today after the US tightened sanctions on Russia to make it more difficult for Russia to finance its crude oil trade, potentially tightening global oil supplies.  Gains in crude oil are limited by the concern that the escalation of US tariffs could exacerbate trade tensions that lead to slower growth and energy demand.  Also, today's decline in the University of Michigan US Mar consumer sentiment index to a 2-1/3 year low of 57.9 is bearish for energy demand and crude prices.

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