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Barchart
Rich Asplund

Crude Prices Slip on Dollar Strength and Energy Demand Concerns

Oil OPEC Russia Saudi Arabia United States

November WTI crude oil (CLX25) today is down -0.12 (-0.19%), and November RBOB gasoline (RBX25) is down -0.0049 (-0.26%).

Crude oil and gasoline prices are under pressure today from a stronger dollar, as the dollar index (DXY00) rallied to a 1.5-week high.  Additionally, Saudi Arabia's unexpected decision to maintain its crude prices steady, rather than raising them, signals weakness in energy demand —a bearish factor for oil prices.  Losses in crude are limited on carryover support from Sunday when OPEC+ agreed to a smaller-than-expected increase in its crude production levels.  

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