April WTI crude oil (CLJ24) this morning is up +2.26 (+2.89%), and Apr RBOB gasoline (RBJ24) is up +4.86 (+1.88%).
Crude oil and gasoline prices this morning are sharply higher, with crude climbing to a 3-3/4 month high and gasoline soaring to a 5-1/2 month high. A weaker dollar today is bullish for energy prices. Crude also has support on expectations that OPEC+ next week would extend its roughly 2 million bpd of crude production cuts beyond March. In addition, the ongoing attacks by Houthi rebels on commercial shipping in the Red Sea have disrupted Middle Eastern crude supplies and strengthened the U.S. physical oil markets as foreign buyers turn to U.S. crude supplies to avoid shipping issues. Technical buying pushed crude even higher after prices exceeded $80 a barrel.
