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Barchart
Rich Asplund

Crude Prices Fall Back as the Dollar Strengthens

Oil OPEC United States Vortexa IEA Russia

May WTI crude oil (CLK24) on Thursday closed down -0.25 (-0.31%), and May RBOB gasoline (RBK24) closed down -0.71 (-0.26%).

Crude oil and gasoline prices Thursday settled moderately lower as a stronger dollar (DXY00) undercut energy prices.  Also, technical selling weighed on crude as prices neared overbought levels after climbing to a 4-1/2 month high on Tuesday.  Losses in crude were limited as Thursday's rally in the S&P 500 to a new record high shows optimism in the economic outlook that is bullish for energy demand.

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