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Barchart
Barchart
Rich Asplund

Crude Gains on Tight Oil Supplies and Economic Optimism

August WTI crude oil (CLQ23) this morning is up +1.31 (+1.77%), and Aug RBOB gasoline (RBQ23) is up +4.71 (+1.79%).

Crude oil and gasoline prices this morning are moderately higher, with gasoline climbing to a 1-1/2 month nearest-futures high.  The outlook for tighter crude supplies is lifting oil prices today ahead of Wednesday's weekly EIA report, which is expected to show U.S. crude inventories fell -2.2 million bbl last week.  Also, today's rally in the S&P 500 to a 15-month high shows confidence in the economic outlook that supports energy demand and crude prices.  

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