Crude Oil Brent Futures Market News and Commentary
Sep WTI crude oil (CLU20) on Friday closed down -0.23 (-0.54%), Oct Brent crude oil (CBV20) closed down -0.16 (-0.36%), and Sep RBOB gasoline (RBU20) closed up +0.0098 (+0.79%).
The energy complex on Friday settled mixed. Concern that a worsening of the Covid pandemic will curtail economic growth and energy demand weighed on crude prices. Also, the concern that the deadlocked U.S. stimulus talks will derail the U.S. recovery is negative for crude. Losses in crude were limited, and gasoline rose, on a weak dollar and mostly better-than-expected U.S. economic data.
Concern that global energy demand will suffer if the Covid pandemic worsens is negative for crude prices. Germany added 1,422 new Covid cases Friday, the most since May 1, and the head of France's Health Agency said the pandemic situation in his country is worsening. Also, the UK on Friday added France, the Netherlands, and Malta to its list of countries from which people arriving have to quarantine for 14 day... Read more