July WTI crude oil (CLN24) today is up +0.59 (+0.72%), and July RBOB gasoline (RBN24) is up +2.05 (+0.83%).
Crude oil and gasoline prices today are moving higher, with crude posting a 7-week high and gasoline posting a 3-week high. Today's rally in the S&P 500 to a new all-time high shows confidence in the economic outlook, which is supportive for energy demand and crude prices. Crude and gasoline extended their gains on a bullish weekly EIA report that showed US gasoline demand rose to a 7-month high. Today's stronger dollar and weaker-than-expected US economic reports are negative factors for energy prices.
