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Barchart
Barchart
Rich Asplund

Crude Oil Rallies on Tighter Inventories and Signs of Stronger Energy Demand

October WTI crude oil (CLV25) on Thursday closed up +0.81 (+1.29%), and October RBOB gasoline (RBV25) closed up +0.0281 (+1.43%).

Crude oil and gasoline prices rallied on Thursday, with crude posting a 2-week high and gasoline posting a 2.5-week high.  Crude and gasoline have carryover support from Wednesday, when weekly EIA crude and gasoline inventories fell more than expected.  Also, strength in global manufacturing activity is supportive for energy demand and crude prices.  Gains in crude were limited after the dollar index (DXY00) rose to a 1.5-week high.  

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