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Rich Asplund

UNBELIEVABLE: Crude prices rebound on a weak dollar - The Untold Story

Oil United States Donald Trump OPEC Hamas Vortexa

May WTI crude oil (CLK25) Friday closed up +1.43 (+2.38%), and May RBOB gasoline (RBK25) closed up +0.0378 (+1.93%).

Crude oil and gasoline prices settled moderately higher on Friday as a slump in the dollar index (DXY00) to a 3-year low fueled a rally in most commodity prices. However, the escalation of the US-China trade war limited the upside in crude prices after China raised tariffs on all US goods Friday to 125% from 84% in retaliation for the US raising tariffs on Chinese goods to 145%. Crude prices also have a negative carryover from last Thursday when OPEC+ said it would boost crude production in May.

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