July WTI crude oil (CLN25) today is up +0.99 (+1.56%), and July RBOB gasoline (RBN25) is up +0.0052 (+0.25%).
Crude oil and gasoline prices are moving higher today, with crude climbing to a 1-1/2 month high. Solid global economic news supports energy demand and crude prices, following today's US May payroll report, which was stronger than expected, and the Eurozone's Q1 GDP, which was revised higher. Also, signs that US-China trade tensions are easing are bullish for economic activity and crude prices after US Trade Representative Navarro said the US and China will meet within a week. In addition, today's rally in the S&P 500 to a 3-1/2 month high shows confidence in the economic outlook that supports energy demand and crude prices. Today's stronger dollar is limiting the upside in crude prices.
