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Barchart
Rich Asplund

Dollar Weakness and Strong Equity Markets Support Crude Oil Prices

Oil OPEC Morgan Stanley United States

October WTI crude oil (CLV25) today is up +0.07 (+0.11%), and October RBOB gasoline (RBV25) is down -0.0019 (-0.10%).

Crude oil and gasoline prices today are mixed, with crude climbing to a 2-week high.  Today's plunge in the dollar index (DXY00) to a 1-week low is bullish for energy prices.  Also, today's sharp rally in stocks shows confidence in the economic outlook, which is positive for energy demand.  Crude prices fell back from their best levels after Morgan Stanley forecast a global crude surplus between Q4 and Q2 of next year.

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