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Barchart

Rich Asplund

Crude Oil Pushes Higher on Chinese Stimulus Measures

Oil United States PBOC China EIA

Nov WTI crude oil (CLX24) Tuesday closed up +1.19 (+1.69%), and Nov RBOB gasoline (RBX24) closed up +3.79 (+1.93%).

Crude oil and gasoline prices Tuesday posted moderate gains, with crude climbing to a 3-week high. Dollar weakness Tuesday was supportive of energy prices. Also, Tuesday's action by China to increase stimulus measures is bullish for crude as the stimulus may spur economic growth that boosts energy demand. In addition, heightened tensions in the Middle East support crude prices.

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