July WTI crude oil (CLN25) Thursday closed up +0.52 (+0.83%), and July RBOB gasoline (RBN25) closed up +0.0289 (+1.42%).
Crude oil and gasoline prices settled higher on Thursday, with crude posting a 2-week high. Thursday's slump in the dollar index (DXY00) to a 6-week low is supporting gains in energy prices. Also, hopes that US-China trade tensions will ease pushed crude prices higher Thursday after US President Trump spoke with Chinese President Xi Jinping by telephone. Concerns about a global oil supply glut are limiting gains in crude, following a report by Bloomberg on Wednesday that Saudi Arabia is open to additional crude production hikes in a bid to increase its market share.
