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1. Melt the butter and olive oil in a large Dutch oven or heavy-bottomed pot over medium heat.
2. Add the sliced onions and sugar. Cook, stirring regularly, until the onions are deeply caramelized and golden brown, about 40 to 50 minutes.
3. Add the garlic and cook for 1 minute more.
4. Pour in the white wine and scrape up any browned bits from the bottom of the pot.
5. Add the beef broth, Worcestershire sauce, bay leaf, and thyme.
6. Bring the soup to a gentle boil, then reduce the heat and simmer for 20 minutes.
7. Remove the bay leaf and season with salt and black pepper to taste.
8. Preheat the broiler.
9. Arrange the baguette slices on a baking sheet and toast lightly on both sides.
10. Top each slice with grated Gruyère cheese.
11. Broil until the cheese is melted, bubbly, and lightly golden.
12. Ladle the hot soup into bowls and serve immediately with the Gruyère cheese toast.