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Barchart

Rich Asplund

Crude Jumps on a Weaker Dollar and a Plunge in EIA Inventories

EIA Oil OPEC United States

August WTI crude oil (CLQ24) today is up +1.73 (+2.14%), and Aug RBOB gasoline (RBQ24) is up +1.37 (+0.55%).

Crude oil and gasoline prices today are moderately higher. Today's slump in the dollar index (DXY00) to a 3-3/4 month low is bullish for energy prices. Gains in crude accelerated today after weekly EIA crude inventories fell more than expected to a 5-month low. However, demand concerns limited gasoline gains after weekly EIA gasoline stockpiles unexpectedly increased.

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