July WTI crude oil (CLN25) today is up +0.67 (+1.07%), and July RBOB gasoline (RBN25) is up +0.0318 (+1.56%).
Crude oil and gasoline prices today are moving higher, with crude posting a 2-week high. Today's slump in the dollar index (DXY00) to a 6-week low is supporting gains in energy prices. Also, hopes that US-China trade tensions will ease are pushing crude prices higher after US President Trump spoke with Chinese President Xi Jinping by telephone today. Concerns about a global oil supply glut are limiting gains in crude, following a report by Bloomberg on Wednesday that Saudi Arabia is open to additional crude production hikes in a bid to increase its market share.
