October WTI crude oil (CLV23) on Friday closed up +0.64 (+0.74%), and Oct RBOB gasoline (RBV23) closed up +3.07 (+1.17%).
Crude oil and gasoline prices Friday posted moderate gains, with gasoline climbing to a 1-1/2 week high. A weaker dollar Friday was supportive of energy prices. Crude also has carryover support from Tuesday when Saudi Arabia and Russia announced that they will extend their respective crude production cuts until the end of the year. In addition, crude prices have support from Thursday's bullish EIA report that showed U.S. crude inventories fell more than expected to a 9-month low. Crude prices fell back from their best levels Friday after the dollar index recovered from early losses and moved higher.
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