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Barchart

Rich Asplund

Crude Slightly Higher on US Economic Strength

Oil United States China OPEC Unemployment

March WTI crude oil (CLH25) today is up +0.23 (+0.33%), and March RBOB gasoline (RBH25) is up +0.0237 (+1.14%).

Crude oil and gasoline prices today are moving higher on signs of US economic strength after the Jan unemployment rate unexpectedly fell to an 8-month low of 4.0%. Also, concerns that global crude supplies could tighten are boosting prices after the US ramped up sanctions on Iranian crude exports on Thursday. A stronger dollar today limits the upside in crude oil. Also, the unexpected decline in the University of Michigan US Feb consumer sentiment index to a 7-month low is bearish for energy demand and crude prices.

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