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Barchart
Barchart
Rich Asplund

Crude Rallies as the Dollar Falls and Black Sea Oil Production Disrupted

Oil OPEC United States Iran EIA IEA

February WTI crude oil (CLG26) on Tuesday closed up +0.90 (+1.51%), and February RBOB gasoline (RBG26) closed up +0.0386 (+2.16%).

Crude oil and gasoline prices recovered from early losses on Tuesday and rallied sharply after the dollar index (DXY00) tumbled to a 2-week low.  Also, reduced global crude supplies are supporting oil prices after Kazakhstan's largest oil producer shut production after fires at the Tengiz and Korolev oil fields.

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