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Barchart
Rich Asplund

Crude Rallies on Strong Chinese Demand and Drone Attacks on Russian Refineries

Oil OPEC United States Russia Drone Vortexa IEA Red Sea

April WTI crude oil (CLJ24) this morning is up +1.03 (+1.27%), and Apr RBOB gasoline (RBJ24) is up +3.42 (+1.26%).

Crude oil and gasoline prices are trading sharply higher, with crude posting a 4-1/4 month high and gasoline posting a 5-month high.  Signs of strength in Chinese crude demand are pushing prices higher today after China processed a record volume of oil in the first two months of this year.  Also, Ukrainian drone attacks on Russian refineries over the weekend damaged several Russian oil processing facilities, limiting Russian fuel export prospects.  Crude oil prices are being undercut by today's 1-1/2 week high in the dollar index.

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