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Barchart
Barchart
Rich Asplund

Crude Prices Supported by Dollar Weakness and Tighter Global Supplies

Oil OPEC United States Iran EIA Israel

December WTI crude oil (CLZ24) Tuesday closed up +0.52 (+0.73%), and December RBOB gasoline (RBZ24) closed up +0.0253 (+1.26%).

Crude oil and gasoline prices on Tuesday extended Monday's rally and posted 3-week highs.  Tuesday's slide in the dollar index (DXY00) to a 2-1/2 week low is bullish for energy prices.   Crude also has carryover support from Sunday when OPEC+ agreed to push back its December production increase by one month.  In addition, ongoing hostilities in the Middle East tensions are supporting crude due to concern that Iran is planning a counterattack on Israel.

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