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Rich Asplund

Crude Prices Climb on Dollar Weakness and Expected End of US Government Shutdown

Oil United States Government Shutdown Russia OPEC

December WTI crude oil (CLZ25) on Tuesday closed up +0.91 (+1.51%), and December RBOB gasoline (RBZ25) closed up +0.0409 (+2.07%).

Crude oil and gasoline prices rallied on Tuesday, with crude posting a 1-week high and gasoline posting a 6-week high. Tuesday's decline in the dollar index (DXY00) to a 1.5-week low is bullish for energy prices. Crude also has support amid expectations that the US government will reopen later this week, which would support economic growth and energy demand.

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