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Barchart
Barchart
Rich Asplund

Dollar Strength and Easing Iran Tensions Undercut Crude Prices

Oil Iran United States OPEC Donald Trump Ukraine EIA Russia

March WTI crude oil (CLH26) on Thursday closed down -1.85 (-2.84%), and March RBOB gasoline (RBH26) closed down -0.0386 (-1.96%).

Crude oil and gasoline prices fell sharply on Thursday after the dollar index (DXY00) rallied to a 1.5-week high.  Also, US-Iran tensions eased, weighing on crude prices, after Iran confirmed it would hold talks with the US on Friday.  In addition, today's weaker-than-expected US labor market news was bearish for economic growth prospects and energy demand.

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