Crude Oil Brent Futures Market News and Commentary
Mar WTI crude oil (CLH23) on Friday closed down -2.49 (-3.28%), and Mar RBOB gasoline (RBH23) closed down -13.13 (-5.35%).
Crude oil and gasoline prices Friday sold off to 3-week lows and closed sharply lower. A rally in the dollar index (DXY00) to a 3-week high Friday undercut energy prices. Crude was also under pressure on signs of an uneven recovery in China, keeping the country's energy demand depressed.
An uneven recovery in China's economy from ending pandemic restrictions is negative for crude prices. Although a surge in consumer spending last month during the Lunar New Year holiday spurred optimism about China's rebound, signs of weakness among manufacturers and sales of cars and homes signal the recovery isn't yet on a sure footing.
Friday's U.S. economic data signals economic strength that supports energy demand and crude prices. Jan nonfarm payrolls surged +517,000, much stronger than expectations of +188,000 and the largest increase in 6 months. ... Read more