September WTI crude oil (CLU25) today is +0.56 (+0.81%), and September RBOB gasoline (RBU25) is up +0.0183 (+0.84%).
Crude oil and gasoline prices extended this week's rally today to 5-week highs. Signs of strength in the global economy are supportive for energy demand and crude prices after the US and Eurozone Q2 GDP reports showed stronger-than-expected economic growth. Crude prices added to their gains today after President Trump threatened to penalize India for being one of the largest buyers of Russian energy. Gains in crude are limited after the dollar index (DXY00) rallied to a 2-month high and after weekly EIA crude inventories unexpectedly surged.
