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Barchart
Rich Asplund

Crude Supported by Dollar Weakness and the Outlook for Tighter Global Oil Supplies

Oil OPEC United States

July WTI crude oil (CLN24) today is up +0.95 (+1.21%), and July RBOB gasoline (RBN24) is up +3.24 (+1.35%).

Crude oil and gasoline prices today are moderately higher, with crude posting a 2-1/2 week high.  A weaker dollar today is bullish for energy prices.  Crude also has a positive carryover from last Thursday when Russia vowed to cut back its crude production, which will keep global oil supplies tight.  

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