Crude Oil Brent Futures Market News and Commentary
Aug WTI crude oil (CLQ20) closed down -0.01 (-0.02%) at $40.62, Sep Brent crude oil (CBU20) closed down -0.02 (-0.05%) at $43.08, and Aug RBOB gasoline (RBQ20) closed up +0.0342 (+2.76%).
The energy complex on Tuesday settled mixed with RBOB gasoline at a 1-1/2 week high. A stronger dollar and demand concerns weighed on crude prices early Tuesday, although prices recovered Tuesday afternoon on a bullish EIA Short-Term Energy Outlook. Crude prices also had support on expectations for Wednesday's weekly EIA data to show that U.S. crude stockpiles fell for a second week.
The outlook for slower fuel demand in the U.S. is undercutting crude prices after the major fuel-consuming states of California, Florida, and Texas reimpose some lockdown measures in an attempt to slow the resurgence of coronavirus infections. Confirmed cases of the virus have risen above 11.77 million globally, with deaths exceeding 541,000.
Another negative for crude demand was Tuesday's action b... Read more