Crude Oil

Feb crude oil this morning is up +31 cents (+0.51%) and Feb gasoline is +0.0112 (+0.64%). Tuesday's closes: Feb WTI crude -0.05 (-0.08%), Feb gasoline -0.0327 (-1.82%). Feb crude oil and gasoline on Tuesday closed lower on increased Russian crude oil output after Russia 2017 crude production rose +0.1% to 10.98 million bpd, the highest since the collapse of the Soviet Union in 1991. Crude oil prices were also supported by the decline in the crack spread to a 1-week low, which reduces incentive for refiners to boost crude oil purchases to refine the crude into gasoline. Crude oil prices were supported by the drop in the dollar index to a 3-1/4 month low.