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Barchart
Barchart
Rich Asplund

Crude Closes Higher on Dollar Weakness and Reduced US Crude Output

August WTI crude oil (CLQ24) on Monday closed up +0.90 (+1.11%), and Aug RBOB gasoline (RBQ24) closed down -0.16 (-0.06%).

Crude oil and gasoline Monday settled mixed.  Monday's weaker dollar was bullish for energy prices.  Crude also has carryover support from last Friday when Baker Hughes reported that active US oil rigs in the week ending June 21 fell to a 2-1/3 year low, a sign of reduced US crude output in the near term.  In addition, signs of strength in US fuel demand support prices after last Thursday's weekly EIA report that showed US gasoline demand rose to a 7-month high.

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