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Barchart
Barchart
Rich Asplund

Crude Rallies as the US Expands Sanctions on Russian Oil

Oil United States Russia OPEC

February WTI crude oil (CLG25) today is up +1.92 (+2.60%), and February RBOB gasoline (RBG25) is up +0.0344 (+1.70%).

Crude and gasoline prices today are sharply higher, with crude posting a 3-month high and gasoline posting a 2-3/4 month high.  Crude is rallying today after the US ratcheted up sanctions against Russian crude oil.  Also, today's stronger-than-expected US Dec payroll report signaled economic strength that supported energy demand and crude prices.   Crude fell from its best levels after the dollar index (DXY00) rallied to a 2-year high.

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