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Rich Asplund

Crude Prices Rally on Dollar Weakness and Expected End of US Government Shutdown

Oil United States Government Shutdown OPEC Russia

December WTI crude oil (CLZ25) today is up +0.94 (+1.56%), and December RBOB gasoline (RBZ25) is up +0.0412 (+2.09%).

Crude oil and gasoline prices are sharply higher today, with crude posting a 1-week high and gasoline posting a 6-week high. Today's decline in the dollar index (DXY00) to a 1.5-week low is bullish for energy prices. Crude also has support amid expectations that the US government will reopen later this week, which would support economic growth and energy demand.

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