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Barchart
Barchart
Rich Asplund

Crude Rallies on Dollar Weakness and Dovish Powell Comments

Oil Powell United States US Federal Reserve OPEC Iran

Oct WTI crude oil (CLV24) Friday closed up +1.82 (+2.49%), and Oct RBOB gasoline (RBV24) closed up +3.93 (+1.89%).

Crude oil and gasoline prices settled sharply higher on Friday after the dollar index tumbled to a 13-month low.  Crude oil prices also rallied Friday on comments from Fed Chair Powell that the time has come to cut interest rates, which sparked a risk-on mood in asset markets.  In addition, Friday's stock rally showed confidence in the economic outlook, a supportive factor for energy demand.

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