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Barchart
Barchart
Rich Asplund

Crude Prices Rebound on Dollar Weakness and Strength in Stocks

Oil OPEC United States

November WTI crude oil (CLX25) today is up +0.54 (+0.89%), and November RBOB gasoline (RBX25) is up +0.0079 (+0.43%).

Crude oil and gasoline prices are rising today as a weaker dollar prompts some short covering in energy futures.  Also, today's rally in the S&P 500 to a new all-time high shows confidence in the economic outlook that is supportive of energy demand.  Gains in crude are limited due to concerns over a global supply glut, as OPEC+ is set to increase its crude production levels.  

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