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Barchart
Rich Asplund

Crude Rallies on Dollar Weakness and Tight Global Oil Supplies

Oil OPEC United States

July WTI crude oil (CLN24) on Monday closed up +1.88 (+2.40%), and July RBOB gasoline (RBN24) closed up +4.73 (+1.97%).

Crude oil and gasoline prices Monday pushed higher, with crude posting a 2-1/2 week high.  A weaker dollar on Monday was bullish for energy prices.  Crude also has a positive carryover from last Thursday when Russia vowed to cut back its crude production, which will keep global oil supplies tight.  

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