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Barchart
Barchart
Rich Asplund

Crude Prices Fall Slightly on Dollar Strength

Oil OPEC Hamas Israel United States

June WTI crude oil (CLM24) on Tuesday closed down -0.10 (-0.13%), and June RBOB gasoline (RBM24) closed down -4.48 (-1.73%).

Crude oil and gasoline prices on Tuesday fell to 8-week lows and settled moderately lower.  A stronger dollar (DXY00) on Tuesday was bearish for energy prices.  Crude was also under pressure Tuesday after Russian Deputy Prime Minister Novak said OPEC+ is still analyzing the possibility of increasing crude oil output before its next meeting in June.  Losses for crude were limited after Israel's war cabinet unanimously rejected a cease-fire proposal agreed to by Hamas, signaling the conflict will continue.

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