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Rich Asplund

Crude Settles Higher on Economic Optimism and Middle East Tensions

Oil United States Middle East OPEC Iran Israel

Sep WTI crude oil (CLU24) Thursday closed up +1.18 (+1.53%), and Sep RBOB gasoline (RBU24) closed up +3.69 (+1.59%).

Crude oil and gasoline prices closed moderately higher on Thursday. Stronger-than-expected US jobless claims and retail sales reports Thursday signaled economic strength and were positive for energy demand and crude prices. Also, Thursday's rally in the S&P 500 to a 2-week high bolstered confidence in the economic outlook and supported the energy demand outlook and crude prices. In addition, crude oil has support as risks remain high for a retaliatory attack by Iran against Israel, further escalating Middle East tensions.

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