Crude Oil WTI Futures Market News and Commentary
Jan WTI crude oil (CLF21) on Tuesday closed down -0.79 (-1.74%), Feb Brent crude oil (CBG21) closed down -0.46 (-0.96%), and Jan RBOB gasoline (RBF21) closed down -0.0212 (-1.11%).
The energy complex on Tuesday extended Monday's losses after OPEC ministers have yet to reach an agreement on whether to delay a scheduled January crude output increase. The ministers said informal talks would continue by telephone and pushed back the final meeting by two days to Thursday to reach a deal.
Saudi Arabia is facing resistance on delaying a scheduled crude production increase in January. UAE Energy Minister Suhail Al-Mazrouei has asked the ministers to let some OPEC+ countries that have fallen short of exact 100% compliance with their pledged crude production cuts to commit to specific compensation cuts in coming months, a deal that Russia said it would not agree to. OPEC+ is currently scheduled to restore in January about 2 million of the 7.7 million bpd kept of... Read more