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Barchart
Barchart
Rich Asplund

Crude Prices Gain on Dollar Weakness and Strong Economic News

Oil OPEC US Federal Reserve Saudi Arabia United States

January WTI crude oil (CLF24) this morning is up +1.93 (+2.58%), and Jan RBOB gasoline (RBF24) is up +0.0578 (+2.69%).

Crude oil and gasoline prices this morning are moderately higher.  Today's slump in the dollar index (DXY00) to a 3-1/2 month low is bullish for energy prices.  Crude prices also garnered support today from dovish Fed comments and stronger-than-expected global economic news that is positive for energy demand.  A bearish factor for crude is the ongoing dispute among Saudi Arabia and other OPEC+ members on crude production levels.

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