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Barchart
Rich Asplund

Crude Prices Slip as the Dollar Strengthens and Oil Supplies Remain Ample

Oil OPEC United States Russia Ukraine

October WTI crude oil (CLV25) on Thursday closed down -0.48 (-0.75%), and October RBOB gasoline (RBV25) closed down -0.0173 (-0.85%).

Crude oil and gasoline prices settled lower on Thursday as the dollar rallied.  Also, the outlook for a global oil supply glut is undercutting crude prices.  Losses in crude were limited Thursday as Ukraine ramped up its attacks against Russian refineries, which threaten to tighten global oil supplies.  Also, better-than-expected US economic news on Thursday is supportive of energy demand and crude prices.  In addition, Thursday's rally in the S&P 500 to a new record high shows confidence in the economic outlook that is bullish for energy demand.  

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