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Barchart

Rich Asplund

Crude Settles Higher as the Dollar Weakens and Stocks Rally

Oil United States EIA OPEC

June WTI crude oil (CLM24) on Tuesday closed up +1.46 (+1.78%), and May RBOB gasoline (RBK24) closed up +3.81 (+1.43%).

Crude and gasoline prices Tuesday settled moderately higher. A weaker dollar Tuesday was bullish for energy prices. Also, Tuesday's strength in stocks bolstered optimism in the economic outlook that supports energy demand and crude prices. Gains in crude were limited after Israel-Iran tensions eased after it appears Iran will not respond following Israel’s retaliatory strike last Friday.

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