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Barchart
Barchart
Rich Asplund

Dollar Weakness and Middle East Tensions Boost Crude Prices

Oil OPEC United States

July WTI crude oil (CLN24) today is up +1.80 (+2.32%), and July RBOB gasoline (RBN24) is up +3.05 (+1.24%).

Crude oil and gasoline prices today are sharply higher, with crude climbing to a 1-week high.  Today's fall in the dollar to a 1-1/2 week low is bullish for energy prices.  Also, geopolitical risks in the Middle East that could lead to disruptions of crude supplies are bullish for oil prices after an Egyptian soldier was killed in a clash with Israeli troops at a Gaza border crossing and after reports that Israeli tanks have reached the center of Rafah in Gaza.  

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