Crude Oil Brent Futures Market News and Commentary
Nov WTI crude oil (CLX22) on Monday closed down -2.03 (-2.58%), and Nov RBOB gasoline (RBX22) closed down -1.93 (-0.84%).
Crude oil and gasoline prices on Monday extended last Friday's sharp losses, with crude falling to an 8-1/2 month low and gasoline dropping to a 2-week low. A rally in the dollar index Monday to a new 20-year high undercut commodity prices in general. Also, the energy markets are worried about a global recession due to the sharp increase in global interest rates. Losses in crude accelerated Monday when the S&P 500 dropped to a 3-1/4 month low, which reduced confidence in the economic outlook and was negative for energy demand.
Global economic news Monday was weaker than expected and negative for energy demand. The U.S. Aug Chicago Fed national activity index fell -0.29 to 0.0, weaker than expectations of a decline to 0.23. Also, the U.S. Sep Dallas Fed manufacturing outlook level of general business activity unexpectedly fell -4.3 to -17.2, wea... Read more