Oct WTI crude oil (CLV24) Tuesday closed up +1.10 (+1.57%), and Oct RBOB gasoline (RBV24) closed up +3.37 (+1.71%).
Crude oil and gasoline prices Tuesday rallied to 2-week highs and settled moderately higher. Crude rallied Tuesday 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. Gains in crude accelerated on concerns of escalation of hostilities in the Middle East after Lebanon accused Israel of orchestrating an attack that killed several people and wounded nearly 3,000 when their pagers exploded.
