August WTI crude oil (CLQ24) today is up +0.56 (+0.67%), and Aug RBOB gasoline (RBQ24) is up +1.72 (+0.66%).
Crude oil and gasoline prices today are moderately higher, with crude climbing to a 2-1/2 month high and gasoline posting a 2-month high. Today's decline in the dollar index (DXY00) to a 3-week low is bullish for energy prices. Crude also has carryover support from Wednesday when the EIA reported crude and gasoline inventories fell more than expected. Limiting gains in crude are global energy demand concerns after Saudi Aramco Thursday cut prices for all of its oil grades to Asia for August delivery, the second straight month prices have been cut.
