Oil rebounded from a downward session, supported by economic growth in the U.S.

Market operators remained attentive to the situation in Alberta, Canada’s main oil supplier, where dozens of fires are burning.

Oil prices rebounded on Thursday after a mostly down session, thanks to a technical reaction and better-than-expected U.S. economic growth figures.

North Sea Brent crude for September delivery gained 0.80% to close at $82.37.

West Texas Intermediate (WTI) for the same period rose 0.88% to $78.28.

The black gold had started the session in the red, with operators focused on the lack of momentum in the Chinese economy.

As Brent approached $80 ($80.03 at its lowest), it rebounded, with WTI following suit. There is strong support around this $80 threshold.

Additionally, the market welcomed the U.S. Commerce Department report showing U.S. economic growth at an annualized rate of 2.8% in the second quarter, well above the 2% forecast by economists. These figures are positive for the oil market as they suggest stable demand in the U.S. through the end of the year.

Furthermore, market operators were closely watching the situation in Alberta, where many fires are burning.

In the earnings season, Ford Motor’s stock stood out with an 18.36% drop after presenting a weak quarterly report. The results raised doubts about the company’s long-term strategy, especially regarding electric vehicles.

Tomorrow, investors will continue to focus on corporate reports, with results expected from companies like Colgate-Palmolive, 3M, and Bristol-Myers. Additionally, they will review the Personal Consumption Expenditures (PCE) report, which is key for the Fed.