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Barchart
Barchart
Rich Asplund

Geopolitical Risk Pushes Crude Oil Prices Higher

Oil United States EIA OPEC Iran IEA

February WTI crude oil (CLG26) on Wednesday closed up +0.87 (+1.42%), and February RBOB gasoline (RBG26) closed up +0.0039 (+0.21%).

Crude oil and gasoline prices extended this week's sharp rally today, with crude climbing to a 2.5-month high and gasoline posting a 5-week high.  Fears of an escalation in tensions in Iran, which could disrupt crude supplies from OPEC's fourth-largest producer, are pushing oil prices higher.  Crude prices fell back from their best levels after a bearish EIA inventory report showed a jump in crude and gasoline supplies.    

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