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Barchart
Barchart
Rich Asplund

Crude Prices Settle Higher as US Economic Concerns Ease

Sep WTI crude oil (CLU24) on Thursday closed up +0.96 (+1.28%), and Sep RBOB gasoline (RBU24) closed up +4.19 (+1.78%).

Crude oil and gasoline prices posted moderate gains on Thursday.  Crude oil prices rallied on reduced US recessionary fears after weekly jobless claims fell more than expected.   Crude prices also had carryover support from Wednesday when weekly EIA crude inventories fell more than expected to a 6-month low.  In addition, strength in stocks Thursday boosted confidence in the economic outlook, which was positive for energy demand and crude prices.  Strength in the dollar on Thursday limited gains in crude prices.

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