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Barchart
Rich Asplund

Crude Price Climb as US Economic Strength Supports Fuel Demand

Oil United States Libya

Oct WTI crude oil (CLV24) today is up +0.93 (+1.33%), and Oct RBOB gasoline (RBV24) is up +1.61 (+0.82%).

Crude oil and gasoline prices today climbed to 1-1/2 week highs and are moderately higher.  Crude is moving higher today as stronger-than-expected US economic news showed economic strength that is bullish for energy demand.  Crude also has carryover support from the disruption of crude exports from Libya, which has tightened global supplies.  In addition, today's rally in the S&P 500 to a 2-month high bolsters optimism in the economic outlook, which supports the energy demand outlook.  Crude prices fell back form their best levels on signs of weak fuel demand in Europe.

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