August WTI crude oil (CLQ23) this morning is up +0.92 (+1.23%), and Aug RBOB gasoline (RBQ23) is up +2.67 (+1.02%).
Crude oil and gasoline prices this morning are moderately higher, with crude climbing to a 3-1/4 month nearest-futures high and gasoline rising to a 3-week high. Today's selloff in the dollar index (DXY00) to a 14-1/2 month low is bullish for energy prices. Also, a rally in the S&P 500 to a 14-1/2 month high today signals optimism in the economic outlook that supports energy demand. Crude prices fell back from their best levels after weekly EIA crude inventories unexpectedly increased.
