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Rich Asplund

Crude Oil Prices See Support from Resilient U.S. Economy

Oil United States EIA

August WTI crude oil (CLQ23) Thursday closed up +0.30 (+0.43%), and Aug RBOB gasoline (RBQ23) closed up +0.63 (+0.25%).

Crude oil prices Thursday saw carry-over support from Wednesday's sharp -9.6 million bbl decline in EIA weekly crude oil inventories, which led to a +2.75% rally in Aug crude oil prices on Wednesday. Crude oil prices also saw support from the strong U.S. economy, as U.S. Q1 GDP was revised higher to +2.0% from +1.3%. However, crude oil prices were undercut by the +0.4% rise in the dollar index and by the sharp +14 bp rise in the 10-year T-note yield on Fed Chair Powell's latest hawkish comments.

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