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Rich Asplund

Crude Sharply Higher on Dollar Weakness and Additional US Sanctions on Iranian Oil

Oil United States Iran OPEC China EIA Vortexa

June WTI crude oil (CLM25) Tuesday closed up +1.72 (+2.78%), and June RBOB gasoline (RBM25) closed up +0.0329 (+1.54%).

Crude oil and gasoline prices Tuesday settled sharply higher, with crude posting a 2-week high and gasoline posting a 6-week high. Dollar weakness Tuesday supported energy prices as did a rally in stocks, which showed confidence in the economic outlook and energy demand.

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