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Barchart
Barchart
Rich Asplund

Crude Settles Lower on Dollar Strength and Elevated Cushing Inventories

Oil United States OPEC EIA

July WTI crude oil (CLN24) on Thursday closed down -0.70 (-0.90%), and July RBOB gasoline (RBN24) closed down -0.22 (-0.09%).

Crude oil and gasoline prices Thursday were under pressure the entire session and fell to 1-week lows.  Thursday's rally in the dollar index (DXY00) to a 1-week high undercut energy prices.  Crude also had a negative carryover from Wednesday when weekly EIA crude inventories unexpectedly rose, and stockpiles at Cushing, the delivery point of WTI futures, climbed to a 10-month high.  Better-than-expected global manufacturing news Thursday supports energy demand and limited losses in crude prices.

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