July WTI crude oil (CLN25) Friday closed up +1.21 (+1.91%), and July RBOB gasoline (RBN25) closed up +0.0139 (+0.67%).
Crude oil and gasoline prices on Friday settled higher, with crude climbing to a 1-1/2 month high. Solid global economic news supports energy demand and crude prices, following Friday's US May payroll report, which was stronger than expected, and the Eurozone's Q1 GDP, which was revised higher. Also, signs that US-China trade tensions are easing are bullish for economic activity and crude prices after US Trade Representative Navarro said the US and China will meet within a week. In addition, Friday's rally in the S&P 500 to a 3-1/2 month high shows confidence in the economic outlook that supports energy demand and crude prices. Crude prices extended their gains Friday after a weekly report from Baker Hughes showed active US oil rigs in the week ending June 6 fell to a 3-1/2 year low, a harbinger of lower US crude production in the near term. Friday's stronger dollar limited the upside in crude prices.
