Crude Oil Brent Futures Market News and Commentary
Nov WTI crude oil (CLX22) on Monday closed up +4.14 (+5.21%), and Nov RBOB gasoline (RBX22) closed up +14.31 (+6.04%).
Crude oil and gasoline prices Monday rallied sharply to 1-week highs on dollar weakness and expectations for OPEC+ to cut its crude production targets when it meets on Wednesday. However, crude prices fell back from their best levels on a decline in global manufacturing activity, which suggested weaker energy demand.
Crude oil prices rallied Monday after delegates of OPEC+ said the group is considering cutting production by more than 1.0 million bpd when it meets Wednesday.
Weaker-than-expected global manufacturing activity is bearish for energy demand and crude prices. Monday’s economic news showed the U.S. Sep ISM manufacturing index fell -1.9 to a 2-1/4 year low of 50.9, weaker than expectations of 52.0. Also, the Eurozone Sep global manufacturing PMI was revised downward by -0.1 to a 2-1/4 year low of 48.4. In addition, the Japan Sep Jib... Read more