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Rich Asplund

Crude Settles Higher on Dollar Weakness and Strong Economic Reports

Oil EIA United States OPEC

July WTI crude oil (CLN23) on Thursday closed up +2.01 (+2.95%), and July RBOB gasoline (RBN23) closed down -0.76 (-0.31%).

Crude oil and gasoline prices Thursday settled mixed. A decline in the dollar index Thursday to a 1-week low was bullish for energy prices. Also, the House passage of the debt ceiling deal sparked a rally in stocks and other risk assets such as crude. A negative factor for energy prices was the bearish weekly EIA inventory report.

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