February WTI crude oil (CLG26) on Monday closed up +1.00 (+1.74%), and February RBOB gasoline (RBG26) closed up +0.0218 (+1.28%).
Crude oil and gasoline prices recovered from early losses on Monday and settled sharply higher as rising global geopolitical risks in Russia, the Middle East, Nigeria, and Venezuela are supporting crude prices. Crude also has support after OPEC+ on Sunday stuck with its plans to pause an increase in the group's oil production in Q1. Crude prices added to their gains on Monday after the dollar index fell from a 3-week high and turned lower. Also, Monday's sharp rally in stocks boosts confidence in the economic outlook that is supportive of energy demand and crude prices.
