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Rich Asplund

Crude Prices Sharply Higher on Dollar Weakness and Economic Optimism

Oil OPEC Pedro United States AAA Angola

January WTI crude oil (CLF24) on Thursday closed up +2.11 (+3.04%), and Jan RBOB gasoline (RBF24) closed up +9.39 (+4.64%).

Crude oil and gasoline prices Thursday posted 1-week highs and settled sharply higher. Thursday's slump in the dollar index (DXY00) to a 4-¼ month low is bullish for energy prices. Also, a perceived pivot in Fed policy to cutting interest rates has sparked demand for risk assets, including crude oil. In addition, Thursday's rally in stocks shows confidence in the economic outlook that supports energy demand and crude prices.

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