Crude Oil WTI Futures Market News and Commentary
Aug WTI crude oil (CLQ20) on Wednesday closed up +0.55 (+1.40%) at $39.82, Sep Brent crude oil (CBU20) closed up +0.76 (+1.84%) at $42.03, and Aug RBOB gasoline (RBQ20) closed up +0.0154 (+1.28%).
The energy complex on Wednesday posted moderate gains with WTI crude at a 1-week high. Hopes for a vaccine fueled a rally in stocks that bolstered confidence in the economic outlook and energy demand. Crude oil maintained moderate gains after weekly EIA crude inventories fell sharply.
Hopes for coronavirus vaccine sparked gains in equities and energy prices after news of positive trial results for a vaccine developed by Pfizer and BioNTech. An effective and widely available vaccine could eventually return the U.S. and global economies back to normal, which would be bullish for crude prices.
In a bullish factor, OPEC June crude oil production fell -1.93 million bpd to 22.62 million bpd, the slowest pace of production in 29 years.
Wednesday's U.S. economic data wa... Read more