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Rich Asplund

Crude Oil Prices Recover as the Dollar Weakens

Oil On United States OPEC

August WTI crude oil (CLQ26) on Thursday closed up +0.11 (+0.16%), and August RBOB gasoline (RBQ26) closed down -0.0279 (-0.95%).

Crude oil and gasoline prices settled mixed on Thursday. Crude oil recovered from a 4.25-month low on Thursday and posted modest gains as short covering emerged after the dollar index fell to a 2-week low. Crude prices initially fell on Thursday as an increase in Middle Eastern oil supplies eased global supply concerns. Saudi Arabian and United Arab Emirates (UAE) crude shipments have nearly fully recovered to pre-war levels.

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