August WTI crude oil (CLQ24) today is up +0.83 (+1.03%), and Aug RBOB gasoline (RBQ24) is up +0.78 (+0.31%).
Crude oil and gasoline today are moderately higher. Today's weaker dollar is 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.
