Crude Oil Brent Futures Market News and Commentary
August WTI crude oil (CLQ21) on Monday closed up +1.83 (+2.57%), and August RBOB gasoline (RBQ21) closed up +2.91 (+1.34%).
Aug crude oil and gasoline prices on Monday rallied moderately, with crude posting a new 2-1/2 year high. A weak dollar on Monday supported gains in energy prices along with strength in U.S. stocks, which shows confidence in the economic outlook and energy demand. In addition, Iran last Friday elected a new hardline cleric as president, which may delay a nuclear deal and dampens the prospects for a swift revival of Iran's crude exports to the global market.
World powers are attempting to resuscitate the 2015 nuclear deal that limits Iran's nuclear activities in return for sanctions relief that would allow Iran to resume crude exports. Diplomats on Sunday said they had adjourned their sixth round of negotiations with significant disagreements remaining about how to revive the deal. Ebrahim Raisi, Iran's newly elected president, said on Monday tha... Read more