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Barchart
Rich Asplund

Crude Prices Undercut by Dollar Strength and Possible Larger Global Oil Supplies

Oil OPEC Russia Ukraine United States

October WTI crude oil (CLV25) today closed down -0.55 (-0.87%), and October RBOB gasoline (RBV25) closed down -0.0309 (-1.54%).

Crude oil and gasoline prices are moving lower today due to strength in the dollar (DXY00).  Also, the outlook for additional global oil supplies is bearish for crude prices after Reuters reported that Iraq is near a deal to resume crude oil exports from its Kurdistan region to Turkey.  Losses in crude are limited as Ukraine ramped up its attacks against Russian refineries, which threaten to tighten global oil supplies.  

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