July WTI crude oil (CLN24) Thursday closed up +0.60 (+0.74%), and July RBOB gasoline (RBN24) closed up +1.76 (+0.71%).
Crude oil and gasoline prices closed moderately higher on Thursday, with crude posting a 7-week high and gasoline posting a 3-week high. Thursday's rally in the S&P 500 to a new all-time high showed confidence in the economic outlook, which supported energy demand and crude prices. Crude and gasoline extended their gains on a bullish weekly EIA report that showed US gasoline demand rose to a 7-month high. Thursday's stronger dollar and weaker-than-expected US economic reports were negative factors for energy prices.
