Crude Oil Brent Futures Market News and Commentary
May WTI crude oil (CLK21) on Friday closed down -0.28 (-0.47%), and May RBOB gasoline (RBK21) closed up +0.28 (+0.14%).
Crude oil and gasoline prices on Friday settled mixed. A rally in the dollar on Friday weighed on crude prices along with global energy demand concerns as Covid infections climb throughout the world. Gasoline closed slightly higher after the S&P 500 rallied to a new all-time high, which shows confidence in the economic outlook and energy demand.
Concern that the global resurgence of Covid infections will hurt economic growth and energy demand is negative for crude prices. The U.S. reported 79,661 new Covid infections on Thursday, the most in 7 weeks, and India reported a record 132,000 new Covid infections on Thursday. Also, Japanese Prime Minister Suga on Friday said that the government is reimposing pandemic restrictions in Tokyo, Kyoto, and Okinawa for four weeks due to the recent surge in Covid infections. Globally, Covid infect... Read more