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Barchart
Barchart
Rich Asplund

Crude Closes Slightly Higher on Strength in U.S. Economic News

Oil crude oil United States Russia Economy EIA Iran Vortexa

October WTI crude oil (CLV23) on Thursday closed up +0.16 (+0.20%), and Oct RBOB gasoline (RBV23) closed up +2.15 (+0.84%).

Crude oil and gasoline prices Thursday closed moderately higher.  Stronger-than-expected U.S. economic news Thursday signals strength in the economy that is bullish for energy demand and crude prices.  Crude also had support on signs of tight supplies after Wednesday's weekly EIA crude inventories fell more than expected to a 7-1/2 month low.  A stronger dollar Thursday limited gains in energy prices.   Also, weakness in stocks Thursday undercut confidence in the economic outlook and is negative for energy demand and crude prices.

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