Oil prices were higher today on stronger than expected US economic data. The Commerce Department showed the US economy growing faster than expected in the 2nd quarter while inflation eased – boosting expectations for a Fed rate cut in September. “The U.S. GDP data implied the economy is humming along in a pretty nice rate,” said Bob Yawger, director of energy futures at Mizuho in New York. “It’s an indication that we’re going to have a ‘soft landing,'” he said, referring to a scenario in which inflation is tamed without triggering a painful recession or large rise in unemployment. Despite the rosy numbers, the market is still on edge about demand concerns especially out of China as their imports and refinery runs have trended lower than 2023. WTI traded up $.69 Brent traded up $.66 or .81% to close at $82.37.