Crude Oil WTI Futures Market News and Commentary
Mar WTI crude oil (CLH23) on Friday closed down -1.33 (-1.64%), and Mar RBOB gasoline (RBH23) closed down -2.31 (-0.88%).
Crude oil and gasoline prices Friday gave up an early advance and turned lower. A stronger dollar (DXY00) Friday undercut energy prices. Also, technical selling pressured prices as long liquidation emerged Friday after crude failed to surpass Monday's 1-week high or the 100-day moving average.
Friday's U.S. economic data was mixed for energy demand and crude prices. On the bearish side, Dec personal spending fell -0.2% m/m, the biggest decline in a year. Conversely, Dec pending home sales unexpectedly rose +2.5% m/m, stronger than expectations of -1.0% m/m and the biggest increase in 14 months. Also, the University of Michigan U.S Jan consumer sentiment was revised up by +0.3 to a 9-month high of 64.9.
Increased travel and consumer spending in China during the week-long Lunar New Year holiday is bullish for crude prices. The holiday p... Read more