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Barchart
Barchart
Rich Asplund

UNCOVERED: Crude gains on energy demand optimism - Caught on Camera

Oil US Federal Reserve United States Powell China Russia Iran Vortexa

October WTI crude oil (CLV23) this morning is up +0.38 (+0.48%), and Oct RBOB gasoline (RBV23) is down -0.39 (-0.15%).

Crude oil and gasoline prices this morning are mixed.  Crude garnered support today on comments from Fed Chair Powell, who signaled the Fed may pause rate hikes when he said the Fed "will proceed carefully" on whether to hike again.  Crude also rose after China unveiled a further easing of mortgage policies to aid its property market.  Today's rally in the dollar index (DXY00) to a 2-1/2 month high is bearish for energy prices.

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