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Barchart
Barchart
Rich Asplund

Crude Prices Drop as the Dollar Rallies

Oil ECB United States US Federal Reserve

June WTI crude oil (CLM23) on Thursday closed down -0.97 (-1.33%), and June RBOB gasoline (RBM23) closed down -0.09 (-0.04%).  

Crude oil and gasoline prices Thursday posted moderate losses.  A rally in the dollar index (DXY00) Thursday to a 1-3/4 month high was bearish for energy prices.  Crude prices were also under pressure Thursday on hawkish comments from the Fed and ECB, which raises concerns central banks will keep raising interest rates that could further slow economic growth and energy demand.  A rally in the S&P 500 Thursday to a 2-1/2 week high is positive for energy prices as it shows confidence in the economic outlook that is supportive of energy demand.  

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