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Barchart

Rich Asplund

Crude Prices Supported by Signs of Strength in the Global Economy

Oil Economy United States Donald Trump EIA OPEC

February WTI crude oil (CLG25) today is up +0.86 (+1.17%), and February RBOB gasoline (RBG25) is up +0.0258 (+1.28%).

Crude prices today are moderately higher but remain below Wednesday's 3-month high. Signs of strength in the global economy support energy demand and crude prices after German industrial production and Japanese cash earnings rose more than expected. Gains in crude oil are limited by negative carryover from Wednesday's bearish EIA report, which showed that crude inventories fell less than expected last week and that gasoline and distillate supplies rose more than expected.

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