Crude Oil Brent Futures Market News and Commentary
Nov WTI crude oil (CLX20) on Friday closed down -6 (-0.15%), Nov Brent crude oil (CBX20) closed down -0.02 (-0.04%), and Nov RBOB gasoline (RBX20) closed up +0.0166 (+1.41%).
The energy complex on Friday was mixed. Crude oil prices were undercut by a rally in the dollar index to a new 2-month high and a surge in Covid infections in Europe. Gasoline prices moved higher on a rally in stocks and on the hope that U.S lawmakers will resume stimulus talks.
Global energy demand concerns are negative for crude prices Friday on concern European governments may need to re-impose lockdown measures in an attempt to slow the spread of the Covid pandemic. France, on Thursday, reported a record of 16,096 new Covid infections. The UK reported 6,634 new infections, the most since the start of the pandemic, and Germany reported 2,321 new Covid infections on Friday, the most since April.
Friday's U.S. economic data was mixed for growth prospects and energy demand. U.S. Aug durable... Read more