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Barchart
Barchart
Rich Asplund

Crude Prices Supported by Dollar Weakness and Expectations OPEC+ Will Support Prices

Oil OPEC United States

December WTI crude oil (CLZ23) on Monday closed up +1.71 (+2.25%), and Dec RBOB gasoline (RBZ23) closed up +0.0405 (+1.85%).

Crude oil and gasoline prices Monday closed moderately higher.  Monday's slide in the dollar index (DXY00) to a 2-1/2 month low supported gains in energy prices.  Crude prices also rose on concern that OPEC+ may extend and even deepen its crude production cuts when the group meets this weekend.  Monday's rally in the S&P 500 to a 2-1/2 month high shows confidence in the economic outlook and is another positive for energy demand and crude prices.  

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