Oil has been trading opposite the US dollar in the last month or so but that's not the case today. The dollar is strong and oil is even stronger, up nearly $2 to a high of $90.46.
That's narrowly above the September high of $90.40. and that will be a key level to watch on the close today. This is the fifth straight day of gains.
Part of the thinking is that a strong US economy -- even with rate hikes -- will keep US demand high. At the same time, many are starting to see China easing restrictions on covid movement.
