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Barchart
Barchart
Rich Asplund

Crude Settles Higher on Dollar Weakness and Middle East Geopolitical Risks

Oil OPEC Russia United States Drone Middle East Red Sea EIA Vortexa

March WTI crude oil (CLH24) on Tuesday closed up +0.53 (+0.73%), and Mar RBOB gasoline (RBH24) closed up +0.81 (+0.37%).

Crude oil and gasoline prices on Tuesday posted moderate gains.  A weaker dollar Tuesday was supportive of energy prices.  Also, ongoing geopolitical risks in the Middle East are underpinning crude prices as the U.S. and UK vow more strikes on Houthi rebels in Yemen for attacking commercial shipping in the Red Sea.  In addition, crude has support due to reduced Russian refining capacity after Ukranian drone attacks halted output at two Russian refineries.   Gains in crude oil were limited as economic growth remained subdued in China, the world's second-largest crude consumer.

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