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Barchart

Rich Asplund

Crude Settles Higher on Increased China Stimulus and Strong U.S. Economic News

Oil United States China Iran OPEC

October WTI crude oil (CLV23) on Thursday closed up +1.64 (+1.85%), and Oct RBOB gasoline (RBV23) closed up +0.43 (+0.16%).

Crude oil and gasoline prices Thursday extended this week's rally, with crude posting a 10-month high and gasoline posting a 2-week high. Crude rallied Thursday on speculation China's economic growth and energy demand will improve after the Chinese central bank cut the reserve requirement ratio for banks. Also, better-than-expected U.S. economic news Thursday signaled growth in the economy that is bullish for energy demand. In addition, ever-tighter global crude supplies are underpinning oil prices. On the bearish side, crude oil prices are being undercut by Thursday's rally in the dollar index (DXY00) to a 6-month high.

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