Crude Oil Brent Futures Market News and Commentary
Sep WTI crude oil (CLU20) this morning is down -0.04 (-0.10%), Oct Brent crude oil (CBV20) is down -0.08 (-0.18%), and Sep RBOB gasoline (RBU20) is down -0.0066 (-0.54%).
Energy prices this morning are weaker on strength in the dollar and on demand concerns. Crude oil prices recovered most of their losses on better-than-expected U.S. economic data and signs of a pickup in airline travel in Europe.
Concern that the U.S. economic recovery may stall is undercutting crude prices today. The ongoing stalemate among U.S. lawmakers over a virus relief package is undercutting stocks today, thus curbing confidence in the economic outlook and energy demand.
The Covid pandemic continues to negatively impact global economic growth and is undercutting energy demand. Confirmed cases of Covid have risen above 18.259 million globally, with deaths exceeding 693,000.
Crude prices recovered most of their losses this morning on better-than-expected U.S. economic data after Ju... Read more