April WTI crude oil (CLJ24) this morning is up +0.19 (+0.24%), and Apr RBOB gasoline (RBJ24) is up +1.86 (+0.73%).
Crude oil and gasoline prices this morning are moderately higher. Expectations that OPEC+ next week will extend its roughly 2 million bpd of crude production cuts beyond March are underpinning crude prices. Also, the ongoing attacks by Houthi rebels on commercial shipping in the Red Sea have disrupted Middle Eastern crude supplies and strengthened the U.S. physical oil markets as foreign buyers turn to U.S. crude supplies to avoid shipping issues. Dollar strength and today's weaker-than-expected U.S. economic news limit gains in crude prices.
