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Barchart
Barchart
Rich Asplund

Crude Oil Prices Higher on Dollar Weakness and Strength in Stocks

August WTI crude oil (CLQ23) on Wednesday closed up +0.92 (+1.23%), and Aug RBOB gasoline (RBQ23) closed up +4.43 (+1.69%).

Crude oil and gasoline prices Wednesday settled moderately higher, with crude climbing to a 3-1/4 month nearest-futures high and gasoline rising to a 3-week high.  The selloff in the dollar index (DXY00) Wednesday was bullish for energy prices.  Also, a rally in the S&P 500 to a 14-1/2 month high Wednesday signals optimism in the economy and energy demand.  Crude prices fell back from their best levels after weekly EIA crude inventories unexpectedly increased.  

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