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Barchart
Barchart
Rich Asplund

Crude Pushes Higher on Dollar Weakness and Prospects of Tighter Global Supplies

Oil United States OPEC Iran China Israel

December WTI crude oil (CLZ24) today is up +1.07 (+1.50%), and December RBOB gasoline (RBZ24) is up +0.0379 (+1.89%).

Crude oil and gasoline prices today extended Monday's rally to 3-week highs.  Today's slide in the dollar index (DXY00) to a 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 on concern that Iran is planning a counterattack on Israel.

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