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Barchart
Rich Asplund

Crude Moderately Higher on Dollar Weakness and Lower OPEC Crude Production

OPEC Oil Pedro United States Angola

January WTI crude oil (CLF24) this morning is up +0.50 (+0.66%), and Jan RBOB gasoline (RBF24) is up +0.0172 (+0.79%).

Crude oil and gasoline prices this morning are moderately higher.  Weakness in the dollar is underpinning energy prices.  Crude also found support today after a gauge of Chinese manufacturing activity unexpectedly expanded last month, a positive for energy demand.  Gains in crude were limited by negative carryover from Thursday when OPEC+ said it would cut its crude production level by -1.0 million bpd but did not provide details on how the cuts would be implemented.  Also, today's weaker-than-expected U.S. Nov ISM manufacturing report was bearish for energy demand and crude prices.

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