COMMODITY
Crude oil futures end higher on Thursday
Jul-26-2024

Crude oil futures ended higher on Thursday as data showing a sharper than expected acceleration in U.S. GDP growth in the second quarter helped offset concerns about a slowdown in Chinese growth and likely drop in oil demand from the world's second largest economy. A report released by the Commerce Department showed real gross domestic product in the U.S. surged by 2.8% in the second quarter after jumping by 1.4% in the first quarter. Street had expected GDP to increase by 2%. Further, recent data showing another drop in U.S. crude inventories also continued to support oil prices. 

Benchmark U.S. crude oil futures for September delivery gained $0.69 or about 0.88% to $78.28 per barrel on the New York Mercantile Exchange. Brent crude for September delivery rose $0.67 or 0.82% to $82.37 per barrel on London's Intercontinental Exchange.


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