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Rich Asplund

Crude Oil Prices Weaken on Dollar Strength and Saudi Price Cuts

Oil Saudi Arabia United States IEA OPEC Drone International Energy Agency Iran Red Sea Strait of Hormuz

November WTI crude oil (CLX26) is down -0.09 (-0.10%) today, and November RBOB gasoline (RBX26) is down -0.0367 (-1.11%).

Crude oil and gasoline prices are moving lower today, with the dollar index ($DXY) climbing to a 1.5-year high. Crude prices also fell after Saudi Arabia cut the price of its Arab light crude to Asian customers for November delivery more than expected. Losses in crude are limited after Saudi-backed Yemeni government forces launched a full-scale military attack to recapture Houthi-held territory in Yemen.

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