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Rich Asplund

Crude Prices Supported by Dollar Weakness Ahead of Weekly EIA Report

Oil EIA API United States Donald Trump Vladimir Putin China OPEC Russia

February WTI crude oil (CLG25) today is up +0.70 (+1.01%), and February RBOB gasoline (RBG25) is up +0.0102 (+0.52%).

Crude oil and gasoline prices today are moderately higher due to a weaker dollar. Crude also has carryover support from Tuesday when the API reported that weekly US crude stockpiles fell -3.2 million bbl last week. Due to this week's Christmas holiday, the weekly EIA crude inventory report will be released later today. Crude also has support on this week’s reports that China will boost economic stimulus measures to revive its economy.

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