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Barchart

Rich Asplund

Crude Closes Lower on Dollar Strength and Increased Russian Oil Exports

Oil United States Russia Donald Trump OPEC EIA

August WTI crude oil (CLQ24) on Tuesday closed down -1.15 (-1.40%), and Aug RBOB gasoline (RBQ24) closed down -1.41 (-0.57%).

Crude oil and gasoline prices Tuesday posted moderate losses, with crude sliding to a 3-week low and gasoline falling to a 4-week low. A stronger dollar Tuesday weighed on energy prices. Also, an increase in Russian crude exports is negative for prices. In addition, improved prospects for Donald Trump to win the US presidential election in November weighed on oil prices due to the expectation that Trump would pursue pro-US drilling policies if elected.

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