Crude Oil WTI Jul '21 (CLN21)
Crude Oil WTI Futures Market News and Commentary
July WTI crude oil (CLN21) this morning is up +0.35 (+0.49%), and July RBOB gasoline (RBN21) is up +.0072 (+0.33%).
July crude oil and gasoline prices this morning are moderately higher, with crude at a new 2-1/2 year high. Crude prices are higher on the outlook for global oil supplies to tighten as the pandemic eases and energy demand rises as more economies reopen. Energy prices maintained moderate gains on a mixed EIA inventory report.
Crude oil prices have support from doubts about efforts to finalize a nuclear deal with Iran. Iran's foreign ministry on Monday said that there was "very little time left" for world powers to resolve outstanding differences to revive the 2015 nuclear deal. As long as the nuclear talks drag on, sanctions on Iranian crude oil exports will remain in place and keep Iranian crude off the global market.
Today's global economic data was negative for crude prices. U.S. May housing starts rose +3.6% m/m to 1.572 million, weaker than e... Read more
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July WTI crude oil (CLN21 ) on Tuesday closed up +1.24 (+1.75%), and July RBOB gasoline (RBN21 ) closed down -.0007 (-0.03%). July crude oil and gasoline...