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Rich Asplund

Crude Oil Settles Higher on Chinese Economic Stimulus Reports

Oil United States China EIA

August WTI crude oil (CLQ23) on Tuesday closed up +1.84 (+2.52%), and Aug RBOB gasoline (RBQ23) closed up +5.31 (+2.07%).

Crude oil and gasoline prices Tuesday rallied, with crude posting a 5-week high and gasoline posting a 2-week high. A slump in the dollar index Tuesday to a 2-month low was bullish for energy prices. Crude prices also rose Tuesday after China signaled it would take more steps to revive its economy, a positive factor for economic growth and energy demand.

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