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Barchart
Barchart
Rich Asplund

Crude Pushes Higher on Dollar Weakness and the Outlook for Tighter Global Supplies

Oil United States OPEC Saudi Arabia

August WTI crude oil (CLQ23) this morning is up +1.01 (+1.41%), and Aug RBOB gasoline (RBQ23) is up +3.26 (+1.28%).

Crude oil and gasoline prices this morning are moderately higher, with crude climbing to a 1-month high.   A decline in the dollar index (DXY00) to a 1-1/2 week low today supports gains in energy prices.  Crude also has carryover support from this week's action by Saudi Arabia and Russia to extend their voluntary crude production cuts.  

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