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Barchart
Barchart
Rich Asplund

Weak Dollar and Powell Comments Push Crude Prices Higher

Oil Powell United States US Federal Reserve OPEC Iran

Oct WTI crude oil (CLV24) today is up +1.54 (+2.11%), and Oct RBOB gasoline (RBV24) is up +3.28 (+1.57%).

Crude oil and gasoline prices today are trading higher on a slump in the dollar index to a 7-1/2 month low.  Crude oil prices also rallied on Fed Chair Powell's comment that the time has come to cut interest rates, which sparked a risk-on mood in asset markets.  In addition, today's stock rally shows confidence in the economic outlook, a supportive factor for energy demand.

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