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