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Barchart
Barchart
Rich Asplund

Crude Prices Finish Higher on Dollar Weakness and Chinese Energy Demand Optimism

October WTI crude oil (CLV23) on Friday closed up +0.61 (+0.68%), and Oct RBOB gasoline (RBV23) closed down -3.46 (-1.26%).

Crude oil and gasoline prices on Friday settled mixed, with crude climbing to a 10-1/4 month high.  Dollar weakness Friday was supportive of energy prices.   Also, stronger-than-expected economic reports from China, the world's second-largest crude consumer, support energy demand and prices.  In addition, crude has carryover support from Tuesday when the International Energy Agency (IEA) and OPEC said the global oil market will be in deficit through year-end.  On the bearish side was Friday's slump in stocks, which undercut confidence in the economic outlook and energy demand.

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