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Rich Asplund

Crude Rallies as Iranian Protests Escalate

Oil OPEC Iran United States EIA IEA

February WTI crude oil (CLG26) today is up +1.79 (+3.10%), and February RBOB gasoline (RBG26) is up +0.0352 (+2.00%).

Crude oil and gasoline prices are up sharply today, posting 1-month highs.  Rising tensions in Iran, the fourth-largest producer in OPEC, are supporting crude prices as protests against the government escalate.  Also, optimism in the US economic outlook is supportive for energy demand and crude prices after the US Dec unemployment rate fell and  Jan consumer sentiment increased.  Crude prices are moving higher today despite a rally in the dollar index to a 4-week high.

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