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Barchart
Barchart
Rich Asplund

Crude Oil Pressured by a Stronger Dollar and Global Energy Demand Concerns

Oil United States China OPEC

December WTI crude oil (CLZ24) today is down -0.11 (-0.16%), and December RBOB gasoline (RBZ24) is up +0.0023 (+0.12%).

Crude oil and gasoline prices today fell to 1-1/2 week lows and are mixed.  Today's rally in the dollar index (DXY00) to a 4-1/4 month high weighs energy prices.  Also, global energy demand concerns are bearish for crude after OPEC cut its oil demand growth forecast for this year for the fourth consecutive month.   In addition, crude oil prices are undercut by speculation that President-elect Trump's policies will increase US crude production and that new tariffs may slow China's economy.  Gasoline prices recovered early losses and turned slightly higher after the crude crack spread rose to a 2-1/2 month high.

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