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Rich Asplund

Crude Rallies on Dollar Weakness and US Economic Strength

Oil United States OPEC EIA

February WTI crude oil (CLG25) Friday closed up +0.83 (+1.13%), and February RBOB gasoline (RBG25) closed up +0.0018 (+0.09%).

Crude oil and gasoline prices finished higher on Friday, with crude oil posting a fresh 2-1/2 month high. Friday's weaker dollar was supportive of energy prices. Signs of US economic strength also supported crude prices after the Dec ISM manufacturing index rose more than expected. In addition, Friday's stock rally shows confidence in the economic outlook and is positive for energy demand and crude prices.

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