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Barchart
Barchart
Rich Asplund

Crude Oil Slips Today on Dollar Strength and Weak Stocks

Oil OPEC United States

July WTI crude oil (CLN24) today is down -0.26 (-0.33%), and July RBOB gasoline (RBN24) is down -3.43 (-1.37%).

Crude oil and gasoline prices today gave up an early advance and turned lower, with crude falling from a 1-month high.  A stronger dollar today is undercutting energy prices.  Also, today's stock weakness undercuts confidence in the economic outlook and is bearish for energy demand and crude prices.  Heightened geopolitical tensions in the Middle East that could lead to disruptions of crude supplies are limiting losses in crude after a second ship was hit by missiles in as many days by Houthi rebels while sailing through the Red Sea.  

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