February WTI crude oil (CLG26) on Thursday closed up +1.77 (+3.16%), and February RBOB gasoline (RBG26) closed up +0.0658 (+3.88%).
Crude oil and gasoline prices rallied sharply on Thursday, with gasoline posting a 1.5-week high. Crude prices rose as Thursday's better-than-expected US economic news showed strength in energy demand. Also, the upcoming annual rebalancing of commodity indexes will see buying of oil contracts, a bullish factor for crude. Thursday's rally in the dollar index (DXY00) to a 4-week high was negative for crude prices.
