Crude Oil Brent Futures Market News and Commentary
Jan WTI crude oil (CLF20) this morning is down by -0.95 (-1.62%), Jan Brent crude oil (CBF20) is down -0.82 (-1.28%), and Jan RBOB gasoline (RBF20) is down by -0.271 (-1.60%).
Crude oil prices fell back from a 2-month high today on U.S./China trade uncertainty and a stronger dollar.
Crude prices posted fresh 2-month highs early this morning on positive trade news after Chinese President Xi Jinping said that China wants to work toward a phase one trade agreement with the U.S. on the "basis of mutual respect and equality." However, crude prices erased their gains and turned lower on trade uncertainty caused by the Hong Kong bill passed by Congress on Wednesday. China has warned against final approval of that bill and the markets are concerned that President Trump's signature on the bill could hurt the trade talks. Mr. Trump said today he may veto the bill in order to pave the way for a trade deal, but Congress has enough votes to override his veto.
Today's U.S. da... Read more