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Rich Asplund

Crude Rallies as Middle Eastern Crude Producers Raise Prices

Oil United States Middle Eastern OPEC Russia China

March WTI crude oil (CLH25) today is up +1.16 (+1.63%), and March RBOB gasoline (RBH25) is up +0.0046 (+0.22%).

Crude oil and gasoline prices today are moderately higher as tighter US sanctions on Russian crude limit global oil supplies and allow the biggest Middle Eastern oil producers to raise prices. Also, concerns that global crude supplies could tighten even further are bullish for crude after the US ramped up sanctions on Iranian crude exports last Thursday. A stronger dollar today is limiting the upside in crude oil.

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