Crude Oil Brent Futures Market News and Commentary
Jan WTI crude oil (CLF21) this morning is up +0.80 (+1.86%), Jan Brent crude oil (CBF21) is up +0.80 (+1.74%), and Jan RBOB gasoline (RBF21) is up +0.0362 (+3.02%).
The energy complex this morning rose for a third day, with crude oil prices posting 8-1/2 month highs and RBOB gasoline climbing to a 1-1/2 month high. Dollar weakness is boosting crude prices along with a rally in stocks, which bolsters optimism in the economic outlook and energy demand. Finally, better-than-expected global economic data is positive for energy demand and crude prices.
U.S. stocks are moving higher today, which boosts confidence in the economic outlook and energy demand. Reduced U.S. political uncertainty is giving stocks a lift after the General Services Administration late Monday acknowledged Biden as the apparent winner of the presidential election, which will allow a normal transition process between the Trump and Biden administrations. Stocks are also climbing on expect... Read more