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Barchart
Rich Asplund

Crude Prices Retreat as the Dollar Strengthens and Global Oil Supplies Increase

Oil OPEC Russia Ukraine United States

October WTI crude oil (CLV25) on Friday closed down -0.89 (-1.40%), and October RBOB gasoline (RBV25) closed down -0.0407 (-2.02%).

Crude oil and gasoline prices retreated on Friday as the dollar strengthened (DXY00).  Also, the outlook for additional global oil supplies is bearish for crude prices after Reuters reported that Iraq is near a deal to resume crude oil exports from its Kurdistan region to Turkey.  Losses in crude are limited as Ukraine ramped up its attacks against Russian refineries, which threaten to tighten global oil supplies.  

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