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Barchart
Barchart
Rich Asplund

Geopolitical Tensions Support Crude Oil Prices

Oil OPEC United States Russia Venezuela EIA

January WTI crude oil (CLF26) today is up +0.57 (+1.02%), and January RBOB gasoline (RBF26) is up +0.0134 (+0.79%).

Crude oil and gasoline prices are rising today amid heightened geopolitical risks in Venezuela and Russia.  Also, today's sharp rally in stocks boosts optimism about the economic outlook, which is supportive of energy demand.  Gains in crude are limited due to a bearish global supply outlook.

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