February WTI crude oil (CLG26) today is up +0.88 (+1.54%), and February RBOB gasoline (RBG26) is up +0.0192 (+1.13%).
Crude oil and gasoline prices recovered from early losses today and are sharply higher after OPEC+ on Sunday stuck with its plans to pause an increase in the group's oil production in Q1. Also, rising geopolitical risks in Russia, the Middle East, Nigeria, and Venezuela are supporting crude prices. Crude prices added to their gains today after the dollar index (DXY00) fell from a 3-week high and turned lower. Also, today's sharp rally in stocks boosts confidence in the economic outlook that is supportive of energy demand and crude prices.
