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Barchart
Barchart
Rich Asplund

Crude Gives Early Gains as the Dollar Strengthens

Oil Hezbollah United States Israel

Nov WTI crude oil (CLX24) Monday closed down -0.01 (-0.01%), and Nov RBOB gasoline (RBX24) closed up +0.81 (+0.42%).

Crude oil and gasoline prices settled mixed on Monday.  Crude found support from the recent escalation of the conflict between Israel and Hezbollah, which fueled concerns the conflict will widen to include Iran, a supporter of Hezbollah and a major oil producer.  Also, Monday's +8% surge in Chinese stocks to a 16-month high has boosted optimism that the Chinese government's economic stimulus measures will also boost crude oil demand.  However, crude prices gave up their advance and settled little changed as the dollar strengthened.

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