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Rich Asplund

Crude Prices Extend Gains as Active U.S. Oil Rigs Fall

Oil United States Baker Hughes China

July WTI crude oil (CLN23) on Friday closed up +1.16 (+1.64%), and July RBOB gasoline (RBN23) closed up +3.88 (+1.47%).

Crude oil and gasoline prices Friday moved higher the entire day, with crude posting a 1-week high and gasoline posting a 2-week high. Crude prices rose Friday on hopes that China will boost stimulus measures to spur economic growth and energy demand. Crude extended its gains Friday afternoon when the weekly report from Baker Hughes showed active U.S. oil rigs fell to a 13-1/2 month low.

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