October WTI crude oil (CLV23) this morning is up +0.03 (+0.03%), and Oct RBOB gasoline (RBV23) is up +2.67 (+1.03%).
Crude oil and gasoline prices today are slightly higher, with gasoline posting a 1-1/2 week high and crude holding just below Wednesday’s 9-1/2 month high. Crude has carryover support from Tuesday when Saudi Arabia and Russia announced that they will extend their respective crude production cuts until the end of the year. Crude prices also have support from today's bullish EIA report that showed U.S. crude inventories fell more than expected to a 9-month low. Today's rally in the dollar index to a 5-3/4 month high is bearish for energy prices. Also, weakness in today's global economic news is negative for energy demand and crude prices.
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