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Barchart
Barchart
Rich Asplund

Dollar Weakness and Tighter Global Supplies Boost Crude Prices

Oil OPEC United States Russia Ukraine Drone EIA

October WTI crude oil (CLV25) on Tuesday closed up +1.22 (+1.93%), and October RBOB gasoline (RBV25) closed up +0.0282 (+1.40%).

Crude oil and gasoline prices rallied sharply on Tuesday and posted 1.5-week highs.  Tuesday's slump in the dollar index (DXY00) to a 2.5-month low is bullish for energy prices.  Also, concerns over a decline in Russian oil exports are boosting crude prices as Ukraine steps up its drone attacks on Russian refineries.  In addition, Tuesday's stronger-than-expected US economic news is bullish for energy demand and crude prices.  

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