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Barchart

Rich Asplund

Crude Gains on Dollar Weakness and Tighter US Oil Supplies

Oil United States OPEC EIA

August WTI crude oil (CLQ24) today is up +0.63 (+0.76%), and Aug RBOB gasoline (RBQ24) is up +0.74 (+0.29%).

Crude oil and gasoline prices today are posting moderate gains. Today's slide in the dollar index to a 5-week low is bullish for energy prices. Crude also has carryover support from Wednesday when the EIA reported that weekly US crude inventories unexpectedly declined. Gains in crude were limited after the US July consumer sentiment index unexpectedly fell to an 8-month low, a negative factor for economic growth and energy demand.

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