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Barchart
Barchart
Rich Asplund

Crude Rallies on Dollar Weakness and Easing Global Oversupply Concerns

Oil OPEC United States Donald Trump Canada Vortexa

July WTI crude oil (CLN25) today is up +1.73 (+2.86%), and July RBOB gasoline (RBN25) is up +0.0459 (+2.28%).

Crude oil and gasoline prices today are sharply higher, with crude posting a 1-1/2 week high.  Today's fall in the dollar index (DXY00) to a 1-1/4 month low is bullish for energy prices.  Crude also rallied today after OPEC+ agreed to boost its crude production in July less than feared.  In addition, wildfires in Canada have shut down some Canadian oil production.  Gains in crude accelerated today due to technical buying after prices crossed above their 50-day average.  

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