Get all your news in one place.
100's of premium titles.
One app.
Start reading
Barchart
Barchart
Rich Asplund

Crude Settles Higher as Attacks on Ships in the Red Sea Disrupt Crude Supplies

January WTI crude oil (CLF24) on Monday closed up +1.04 (+1.46%), and Jan RBOB gasoline (RBF24) closed up +2.20 (+1.03%).

Crude oil and gasoline prices Monday climbed to 2-week highs and closed moderately higher.  The main bullish factor for crude oil Monday is geopolitical risks after several major oil shippers stopped shipping crude oil through the Red Sea because of attacks on ships in the region.  Also, Monday's rally in the S&P 500 to a 23-month high shows confidence in the economic outlook that supports energy demand and crude prices.  

Sign up to read this article
Read news from 100's of titles, curated specifically for you.
Already a member? Sign in here
Related Stories
Top stories on inkl right now
One subscription that gives you access to news from hundreds of sites
Already a member? Sign in here
Our Picks
Fourteen days free
Download the app
One app. One membership.
100+ trusted global sources.