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Barchart
Barchart
Rich Asplund

Crude Rallies on U.S Economic Strength and Middle East Tensions

Oil OPEC EIA United States Red Sea Vortexa

February WTI crude oil (CLG24) on Thursday closed up +1.52 (+2.09%), and Feb RBOB gasoline (RBG24) closed up +4.81 (+2.25%).

Crude oil and gasoline prices Thursday closed sharply higher.  Thursday's better-than-expected U.S. economic news was positive for energy demand and crude prices.  Also, heightened geopolitical risks in the Middle East are lifting crude prices as the U.S. military targeted 14 Houthi missile launch sites overnight in Yemen as Houthi rebels continue to attack ships in the Red Sea off Yemen's coast.  Gains in crude accelerated after weekly EIA crude inventories fell more than expected.

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