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Rich Asplund

Crude Rallies on Expectations OPEC Will Support Prices

Oil OPEC United States Goldman Sachs

December WTI crude oil (CLZ23) on Friday closed up +2.99 (+4.10%), and Dec RBOB gasoline (RBZ23) closed up +0.0834 (+3.97%).

Crude oil and gasoline prices Friday rallied sharply and recovered most of Thursday's sharp sell-off.  Friday's decline in the dollar index (DXY00) to a 2-1/2 month low sparked short covering in most commodities, including crude.  Crude prices also rose after Goldman Sachs said they expect OPEC to act to support oil prices.  

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