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Barchart
Barchart
Rich Asplund

Crude Rallies on U.S. Energy Demand Optimism

Oil United States Politburo

September WTI crude oil (CLU23) on Thursday closed up +1.31 (+1.66%), and Sep RBOB gasoline (RBU23) closed up +4.13 (+1.45%).

Crude oil and gasoline prices Thursday rallied moderately, with crude posting a 3-1/4 month high and gasoline posting a 9-month high.  Signs of U.S. economic strength that is bullish for energy demand pushed crude prices higher after Thursday's U.S. news showed Q2 GDP grew more than expected and weekly jobless claims unexpectedly fell to a 5-month low.  Thursday’s rally in the dollar index (DXY00) to a 2-week high limited energy price gains.

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