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Rich Asplund

Crude Oil Slightly Higher on Dollar Weakness and Chinese Economic Strength

Oil China United States Bullard US Federal Reserve EIA St. Louis Fed

May WTI crude oil (CLK23) on Tuesday closed up +0.03 (+0.04%), and May RBOB gasoline (RBJ23) closed down -2.31 (-0.83%).  

Crude oil and gasoline prices Tuesday settled mixed, with gasoline falling to a 2-week low.  A weaker dollar Tuesday was bullish for energy prices.  Also, signs of strength in China's economy supported energy demand and crude prices.  However, crude oil prices were undercut by hawkish comments from St. Louis Fed President Bullard, who said he favored additional rate hikes from the Fed.

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