U.S. GDP expanded at a 3% annualized rate in the second quarter, beating most forecasts and suggesting surprising economic resilience, according to fresh data from the U.S. Department of Commerce. The news lifted oil prices modestly on Wednesday, with West Texas Intermediate (WTI) climbing 1.43% to $70.20 per barrel and Brent crude rising 1.19% to $73.37.
Houston’s economy, once heavily dependent on oil booms and busts, is becoming more stable thanks to growth in healthcare, tech, renewables, and trade, reducing the city’s reliance on the energy sector.
Curious Minds Corner
Which nation sits on the world’s biggest pile of proven oil?
Venezuela holds the largest volume of proven crude oil reserves.