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Barchart
Barchart
Rich Asplund

Crude Oil Finishes Higher as the Dollar Weakens and Stocks Rally

Oil OPEC Morgan Stanley United States

October WTI crude oil (CLV25) on Friday closed up +0.14 (+0.22%), and October RBOB gasoline (RBV25) closed up +0.0066 (+0.33%).

Crude oil and gasoline prices on Friday settled higher, with crude posting a 2-week high and gasoline posting a 3-week high.  Friday's plunge in the dollar index (DXY00) to a 3.5-week low was bullish for energy prices.  Also, Friday's sharp rally in stocks shows confidence in the economic outlook, which is positive for energy demand.  Gains in crude were limited after Morgan Stanley forecast a global crude surplus between Q4 and Q2 of next year.

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