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Barchart
Barchart
Rich Asplund

Crude Gains on Dollar Weakness and Strength in Stocks

Oil United States China EIA Iran OPEC

December WTI crude oil (CLZ24) today is up +0.10 (+0.14%), and December RBOB gasoline (RBZ24) is up +0.0045 (+0.21%).

Crude oil and gasoline prices today are slightly higher on a weaker dollar and the rally in the S&P 500 to a record high, which shows confidence in the economic outlook that is positive for energy demand.  Gains in crude oil are limited by negative carryover from Wednesday when the EIA reported that crude and gasoline inventories unexpectedly rose.  Also, crude oil prices are being undercut by speculation that President-elect Trump's policies will increase US crude production and new tariffs that may slow China's economy.

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