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Barchart
Barchart
Rich Asplund

Crude Rallies on Energy Demand Optimism

Oil crude oil OPEC United States

July WTI crude oil (CLN24) today is up +1.31 (+1.73%), and July RBOB gasoline (RBN24) is up +1.41 (+0.59%).

Crude oil and gasoline prices today are moderately higher, with crude posting a 1-week high.  Crude oil prices are seeing support from news of increased global air travel and fuel demand after Bloomberg NEF said a record 10.5 million flights are scheduled in Q3.  Crude also has carryover support from last Thursday when Saudi Arabia Energy Minister Prince Abdulaziz bin Salman said OPEC+ could pause or reverse its decision to boost crude production if prices falter.  Today's rally in the dollar index to a 3-1/2 week high is bearish for energy prices.  

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