Crude Oil Brent Futures Market News and Commentary
Feb WTI crude oil (CLG20) on Friday closed up +0.02 (+0.03%), Mar Brent crude oil (CBH20) closed up +0.23 (+0.36%), and Feb RBOB gasoline (RBG20) closed down -0.0142 (-0.86%).
The energy complex settled mixed on Friday. Economic optimism and an easing of trade tensions boosted crude prices Friday, although gains were limited on dollar strength and weakness in the crack spread.
Friday's rally in U.S. stock indexes to new record highs shows confidence in the economic outlook and is positive for energy demand. Also, an easing of trade tensions is bullish for economic growth prospects and energy demand after the U.S. and China signed a phase-one trade deal on Wednesday and after the U.S. Senate on Thursday approved the USMCA agreement, which could spark new business investment now that the long-term rules are set for North American trade.
Better-than-expected Chinese economic data is positive for global growth and energy demand prospects after Friday's data showed C... Read more