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Barchart
Barchart
Rich Asplund

Crude Closes Higher on Tight Global Supplies and U.S. Economic Strength

Oil crude oil United States EIA Russia Iran Vortexa

September WTI crude oil (CLU23) on Thursday closed up +1.01 (+1.27%), and Sep RBOB gasoline (RBU23) closed down -4.54 (-1.58%).

Crude oil and gasoline prices on Thursday settled mixed.  Crude moved higher on carryover support from Wednesday's EIA report that showed U.S crude inventories fell to their lowest in 8 months.  Crude also garnered support from Thursday's better-than-expected U.S. economic news, which shows strength in the economy that supports energy demand.  Crude prices fell back from their best levels Thursday after the dollar index (DXY00) rallied to a 2-month high.  Also, concerns about China's economy limited the upside in crude prices.

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