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Barchart
Barchart
Rich Asplund

Crude Prices Rally on Energy Demand Optimism

Oil EIA OPEC Russia United States

November WTI crude oil (CLX25) today is up +1.04 (+1.68%), and November RBOB gasoline (RBX25) is up +0.0187 (+0.99%).

Crude oil and gasoline prices are moving higher today.  Today's rally in stocks shows confidence in the economic outlook that is supportive of energy demand and crude prices.  Crude prices also have carryover support from Sunday when OPEC+ agreed to a smaller-than-expected increase in its crude production levels.  Gains in crude are limited today as the dollar index (DXY00) rallied to a 1.75-month high.

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