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Barchart
Barchart
Rich Asplund

FORGOTTEN HISTORY: Crude settles higher on dollar weakness and global supply concerns | History Defined

Oil OPEC United States Red Sea Vortexa

February WTI crude oil (CLG24) on Friday closed up +1.62 (+2.24%), and Feb RBOB gasoline (RBG24) closed down -0.46 (-0.22%).

Crude oil and gasoline prices on Friday settled mixed, with crude posting a 1-week high.  A reversal in the dollar Friday boosted energy prices after the dollar index (DXY00) fell back from a 3-week high and turned lower.  Also, Friday's mostly better-than-expected U.S. economic news is positive for energy demand and crude prices.  In addition, crude has carryover support due to supply disruptions in Libya and heightened geopolitical tensions in the Middle East.  

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