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Barchart
Barchart
Rich Asplund

Crude Prices Retreat on Dollar Strength

Oil OPEC EIA United States Vortexa IEA Red Sea Russia

April WTI crude oil (CLJ24) this morning is down -1.77 (-2.12%), and Apr RBOB gasoline (RBJ24) is down -3.75 (-1.36%).

Crude oil and gasoline prices this morning are moderately lower.  Today's rally in the dollar index (DXY00) to a 2-1/2 week high is pressuring energy prices.  Also, weakness in the crude crack spread weighed on oil prices as the crack spread fell to a 1-week low today.  In addition, long liquidation emerged ahead of the results of today's FOMC meeting.  Today's weekly EIA report was mixed for crude and products.  

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