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Barchart
Barchart
Rich Asplund

Crude Prices Gain on US Economic Strength and Ongoing Canadian Wildfires

Oil United States OPEC Donald Trump the US China Economic Growth Vortexa

July WTI crude oil (CLN25) today is up +1.19 (+1.90%), and July RBOB gasoline (RBN25) is up +0.0260 (+1.27%).

Crude oil and gasoline prices today added to Monday's gains, with crude posting a 1-1/2 week high.  Signs of strength in the US labor market support economic growth prospects and energy demand after Apr JOLTS job openings unexpectedly rose.  Crude also garnered support today from the ongoing wildfires in Canada that have shut down some Canadian oil production.  In addition, today's rally in the S&P 500 to a 2-week high shows confidence in the economic outlook and energy demand.

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