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Barchart
Barchart
Rich Asplund

Crude Settles Higher on Dollar Weakness and U.S. Energy Demand Optimism

Oil United States US Federal Reserve Politburo

September WTI crude oil (CLU23) on Friday closed up +0.49 (+0.61%), and Sep RBOB gasoline (RBU23) closed up +0.61 (+0.21%).

Crude oil and gasoline prices Friday posted moderate gains, with crude climbing to a 3-1/4 month high and gasoline climbing to a 9-month high.  A weaker dollar Friday was bullish for energy prices.   Crude prices also have support on Friday's weaker-than-expected U.S. inflation news that may allow the Fed to stop raising interest rates, bolstering the outlook for the U.S. economy to avoid a recession.  Gains in crude were limited as Friday's mixed global economic news was bearish for growth prospects and energy demand.

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