Crude Oil Brent Futures Market News and Commentary
Apr WTI crude oil (CLJ21) on Monday closed down -0.86 (-1.40%), and Apr RBOB gasoline (RBJ21) closed down -0.76 (-0.39%).
Crude oil and gasoline prices on Monday gave up an early advance and posted moderate losses. A rally in the dollar index on Monday to a 3-week high weighed on crude oil along with caution ahead of this Thursday's OPEC+ meeting. Crude oil prices initially moved higher Monday morning on strength in stocks that boosted optimism in the economic outlook and energy demand. Also, strength in global manufacturing data on Monday was positive for future economic growth and energy demand.
Monday's global manufacturing data was mostly positive for energy demand and crude prices. The U.S. Feb ISM manufacturing index rose +2.1 to 60.8, stronger than expectations of +0.2 to 58.9 and the fastest pace of expansion in 3 years. Also, the Eurozone Feb Markit manufacturing PMI was revised upward to 59.9 from the previously reported 57.7, the fastest pac... Read more