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Barchart
Barchart
Rich Asplund

Dollar Strength Weighs on Crude Oil Prices

Oil United States Vladimir Putin OPEC Russia

January WTI crude oil (CLF25) today is down -0.50 (-0.71%), and January RBOB gasoline (RBF25) is down -0.0275 (-1.42%).

Crude oil and gasoline prices today are under pressure, with gasoline falling to a 1-1/2 week low.  Today's rally in the dollar index (DXY00) to a 2-year high is bearish for energy prices.  Losses in crude are limited due to today's stronger-than-expected US economic news, a sign of strong energy demand.  Crude also has some positive carryover from Wednesday after Kazakhstan pledged to comply with OPEC+ production quotas.  

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