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Barchart
Barchart
Rich Asplund

Dollar Weakness and Stock Strength Push Crude Oil Prices Higher

Oil United States OPEC EIA

August WTI crude oil (CLQ25) today is up +1.41 (+2.17%), and August RBOB gasoline (RBQ25) is up +0.0380 (+1.84%).

Crude oil and gasoline prices are sharply higher today due to the decline in the dollar index (DXY00) to a 3-1/4 year low.  Also, today's rally in the S&P 500 to a 4-month high shows confidence in the economic outlook, which is supportive for energy demand and crude prices.  Crude oil also has carryover support from Wednesday's EIA report, which showed a larger-than-expected draw in crude oil inventories and a surge in US gasoline demand to a 3-1/2 year high.

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