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Barchart
Barchart
Rich Asplund

Crude Prices Supported by Middle East Geopolitical Risks

March WTI crude oil (CLH24) on Friday closed up +0.62 (+0.81%), and Mar RBOB gasoline (RBH24) closed down -0.25 (-0.11%).

Crude oil and gasoline prices Friday settled mixed, with crude posting a 1-1/2 week high.  A weaker dollar Friday was supportive of energy prices.  Also, Friday's rally in the S&P 500 to a record high showed confidence in the economic outlook that is positive for energy demand and crude prices.   Crude had carryover support from Thursday when Israeli Prime Minster Netanyahu dismissed the chances for a cease-fire in the Israel-Hamas war.

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