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Barchart
Barchart
Rich Asplund

Crude Climbs on Dollar Weakness and Energy Demand Optimism

Oil Donald Trump OPEC United States EIA

February WTI crude oil (CLG25) today is up +0.28 (+0.38%), and February RBOB gasoline (RBG25) is up +0.0030 (+0.15%).

Crude oil and gasoline prices today are moderately higher, with crude oil posting a 2-1/2 month high and gasoline posting a 1-1/2 month high.  Today's weaker dollar is bullish for energy prices.  Crude also garnered support from a Washington Post report that said President-elect Trump will limit the scope of his tariffs, which would harm global trade less than expected.  In addition, today's rally in stocks shows confidence in the economic outlook and is positive for energy demand and crude prices.  

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