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Rich Asplund

Crude Gains on Strength in Stocks and Energy Demand Optimism

Oil crude oil United States ECB University of Michigan US

December WTI crude oil (CLZ23) this morning is up +1.70 (+2.12%), and Dec RBOB gasoline (RBZ23) is up +0.0383 (+1.77%).

Crude oil and gasoline prices this morning are moderately higher.   Today's strength in U.S. equity markets shows optimism in the economic outlook and supports crude demand and prices.  Also, dovish central bank comments today that support a pause in interest rate hikes are positive for crude.  A stronger dollar today limits gains in crude along with the bigger-than-expected decline in the University of Michigan U.S. Nov consumer sentiment index to a 6-month low.

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