April WTI crude oil (CLJ25) Friday closed down -2.08 (-2.87%), and April RBOB gasoline (RBJ25) closed down -0.0560 (-2.41%).
Crude oil and gasoline prices tumbled Friday, with gasoline posting a 3-week low. Friday's stronger dollar weighed on energy prices. Also, Friday's US economic news was mostly weaker than expected and bearish regarding energy demand. Oil prices continue to be undercut by the thaw in US-Russian relations and possible peace talks on the Russia-Ukraine war, which could eventually lead to reduced sanctions on Russia and the full resumption of Russian oil exports. Losses in crude accelerated Friday after prices fell below the 100-day moving average, triggering technical selling.
