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Barchart
Barchart
Rich Asplund

Crude Gains on a Weak Dollar and China Stimulus

Oil United States China Economy Russia Iran Vortexa

October WTI crude oil (CLV23) this morning is up +0.20 (+0.27%), and Oct RBOB gasoline (RBV23) is down -1.25 (-0.49%).

Crude oil and gasoline prices this morning are mixed.  A weaker dollar today is supportive of energy prices.  Also, actions by China to restore confidence in its economy may boost growth and energy demand and are bullish for crude after its largest state-owned banks are preparing to cut interest rates on trillions of yuan of outstanding home mortgages for the first time since the global financial crisis.  Gains in crude are limited after weaker-than-expected U.S. economic news on July JOLTS openings and August consumer confidence signal economic weakness that is bearish for energy demand.  

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