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Barchart
Barchart
Rich Asplund

Crude Prices Rally on Dollar Weakness and Global Supply Uncertainty

Oil EIA OPEC Donald Trump United States

September WTI crude oil (CLU25) today is up +0.66 (+1.01%), and September RBOB gasoline (RBU25) is up +0.0353 (+1.69%).

Crude oil and gasoline prices are moving higher today after the dollar index (DXY00) fell to a 1-week low.  Crude also rose on the lack of progress in ending the Ukraine-Russia war after US envoy Witcoff left Russia without a deal, which may prompt President Trump to add secondary sanctions to Russian energy exports.Crude also found support today after Saudi Arabia's state producer, Saudi Aramco, raised the price for its Arab Light crude to Asian customers by $1 a barrel for September delivery, above expectations of a 90-cent-a-barrel increase.

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