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Barchart
Barchart
Rich Asplund

Dollar Strength and Global Oil Glut Fears Weigh on Crude Prices

October WTI crude oil (CLV25) today is down -0.48 (-0.75%), and October RBOB gasoline (RBV25) is down -0.0243 (-1.20%).

Crude oil and gasoline prices are under pressure today from a stronger dollar (DXY00).  Also, the outlook for a global oil supply glut is undercutting crude prices.  Losses in crude are limited today as Ukraine ramped up its attacks against Russian refineries, which threatens to tighten global oil supplies.  Also, better-than-expected US economic news today is supportive of energy demand and crude prices.  In addition, today's rally in the S&P 500 to a new record high shows confidence in the economic outlook that is bullish for energy demand.  Strength in the dollar today is limiting gains in crude prices.  

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