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Barchart
Barchart
Rich Asplund

Crude Rebounds as U.S. Refills the Strategic Petroleum Reserve

Oil OPEC Petroleum United States Pedro Angola Saudi Arabia Vortexa

January WTI crude oil (CLF24) on Friday closed up +1.86 (+2.68%), and Jan RBOB gasoline (RBF24) closed up +0.0498 (+2.49%).

Crude oil prices Friday rebounded from Thursday's 5-1/4 month low and posted moderate gains.  Crude rallied Friday after better-than-expected U.S. economic reports on Nov payrolls and Dec consumer sentiment reduced recession fears and bolstered the outlook for a soft landing, a positive factor for energy demand and crude prices.  Also, plans by the U.S. to refill its strategic petroleum reserve are supportive of crude.  On the negative side was Friday's rally in the dollar index (DXY00) to a 3-week high.  

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