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Barchart
Barchart
Rich Asplund

Dollar Strength and Increased Russian Fuel Exports Undercuts Crude

Oil United States Russia OPEC EIA Vortexa

May WTI crude oil (CLK24) on Tuesday closed down -0.33 (-0.40%), and May RBOB gasoline (RBK24) closed down -4.31 (-1.58%).

Crude and gasoline prices on Tuesday closed moderately lower, with gasoline falling to a 1-week low.  A stronger dollar (DXY00) Tuesday weighed on energy prices.  Also, an increase in Russian fuel exports is bearish for oil prices.  In addition, weakness in the crude crack spread is bearish for crude as the crack spread Tuesday fell to a 2-week low.

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