Oil rallies on a higher U.S. GDP number at 2.8%, as consumption has increased. No recession on the horizon and inflationary pressures are still lurking. Oil rallied over $2, moving into its trading ranges of $77 and $78. Showing less and less volatility since April 2024.

Markets on a whole do show dysfunction, the economy more so, which can be very difficult to gauge whether the Federal Reserve can claim that they have reined in inflation, when they have simultaneously trialed Quantitative Easing and Quantitative Tightening programs to stabilize banks, while trying to bring down inflation over the course of the 2022-2024 spike in consumer prices.   With inflation gauges that strip out energy costs and food, due to 'volatility', to which I would argue have become less volatile and more indicative of stuck inflationary pressures.  Regardless,  the current U.S. GDP numbers for the 2nd quarter show a sharp rise in consumption, from the markets expectation of 2.1% drop, it came in at 2.8%, with apparent falls in core inflation, but as quoted from the bea.com, "...the second quarter primarily reflected an upturn in private inventory investment and an acceleration in consumer spending." 

Thus, oil rallied overy $2 on the GDP number.   The oil price has been less volatile from the last quarter, supported by dwiddling U.S. stockpiles, geopolitical and the Fed's confusion.  Currently bid within it $77 and $78 ranges.

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