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Barchart
Barchart
Rich Asplund

Crude Rallies on Speculation the Fed is Done Raising Interest Rates

Oil US Federal Reserve Interest Rates United States

December WTI crude oil (CLZ23) this morning is up +1.81 (+2.25%), and Dec RBOB gasoline (RBZ23) is up +5.55 (+2.54%).

Crude oil and gasoline prices this morning are moderately higher.  Today's decline in the dollar index to a 1-week low is bullish for energy prices.   Also, a broad rally in asset markets today is lifting crude prices on speculation the Fed is finished raising interest rates.  Today's rally in the S&P 500 to a 2-week high also bolsters optimism in the economic outlook and is bullish for energy demand.  Crude prices still have support from geopolitical risks due to concern that an escalation of the Israeli-Hamas conflict could threaten crude supplies from the Middle East.  

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