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Barchart

Rich Asplund

Crude Prices Supported by Dollar Weakness and Tighter US Supplies

Oil United States OPEC EIA IEA

August WTI crude oil (CLQ24) today is up +0.47 (+0.57%), and Aug RBOB gasoline (RBQ24) is up +1.79 (+0.72%).

Crude oil and gasoline prices today are moderately higher. Today's slump in the dollar index to a 1-month low is bullish for energy prices. Crude also has carryover support from Wednesday when the EIA reported that weekly US crude inventories unexpectedly declined. Gains in crude prices are limited after the International Energy Agency's (IEA) monthly report showed global oil demand growth slowed in Q2.

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