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Barchart
Barchart
Rich Asplund

Crude Gains on Speculation Fed is Done Raising Interest Rates

Oil US Federal Reserve Interest Rates United States

December WTI crude oil (CLZ23) Thursday closed up +2.02 (+2.51%), and Dec RBOB gasoline (RBZ23) closed up +6.05 (+2.77%).

Crude oil and gasoline prices Thursday settled moderately higher.  Thursday's decline in the dollar index to a 1-week low was bullish for energy prices.   Also, a broad rally in asset markets Thursday lifted crude prices on speculation the Fed is finished raising interest rates.  Thursday's rally in the S&P 500 to a 2-week high also bolsters optimism in the economic outlook and is bullish for energy demand.  Crude prices still have support from geopolitical risks due to concern that an escalation of the Israeli-Hamas conflict could threaten crude supplies from the Middle East.  

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