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Barchart

Rich Asplund

Crude Supported by a Weak Dollar and Strength in Stocks

Oil EIA OPEC United States

July WTI crude oil (CLN24) today is up +0.20 (+0.26%), and July RBOB gasoline (RBN24) is down -0.94 (-0.39%).

Crude oil and gasoline prices today are mixed. Crude and gasoline today initially rose to 1-1/2 week highs on economic optimism after the S&P 500 rallied to a new record high on favorable US inflation news. Also, the weakness in the dollar today is supportive of energy prices. However, crude gave up most of its advance, and gasoline dropped into negative territory, after weekly EIA crude inventories unexpectedly increased.

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