Crude Oil Brent Feb '27 (CBG27)
Crude Oil Brent Futures Market News and Commentary
August WTI crude oil (CLQ26) on Wednesday closed down -2.87 (-3.92%), and August RBOB gasoline (RBQ26) closed down -0.0669 (-2.34%).
Crude oil and gasoline prices sold off sharply on Wednesday, with crude oil posting a 3.5-month low. Wednesday’s rally in the dollar index ($DXY) to a 13-month high weighed on energy prices. Also, the resumption of crude supplies through the reopened Strait of Hormuz has eased global oil supply concerns and is undercutting crude prices. Wednesday’s weekly EIA inventory report was mixed for crude oil and products.Â
Crude prices sank on Wednesday as more tankers openly crossed the Strait of Hormuz, boosting global crude supplies. Vessels are transiting the waterway with their satellite signals switched on, indicating growing confidence among shipowners. Also, the International Maritime Organization said it had received guarantees allowing hundreds of ships to exit the Persian Gulf.
The resumption of vessel traffic through the Strait... Read more
Barchart · 1 hour ago
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