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Barchart
Barchart
Rich Asplund

Dollar Strength and Weak U.S. Economic News Weigh on Crude

May WTI crude oil (CLK23) on Wednesday closed down -0.10 (-0.12%), and May RBOB gasoline (RBJ23) closed up +8.30 (+3.03%).

Crude oil and gasoline prices Wednesday settled mixed.   A stronger dollar Wednesday (DXY00) weighed on crude prices.  Also, signs of a slowdown in the U.S. economy are negative for energy demand and crude prices after Wednesday's reports on Mar ADP employment and Mar ISM services were weaker than expected.  However, losses in crude were limited, and gasoline prices rose on a bullish weekly EIA inventory report.  

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