Crude Oil WTI Dec '19 (CLZ19)
Crude Oil WTI Futures Market News and Commentary
Dec WTI crude oil (CLZ19) this morning is up by +0.34 (+0.60%), Jan Brent crude oil (CBF20) is up +0.26 (+0.42%), and Dec RBOB gasoline (RBZ19) is up by +0.162 (+1.00%).
The energy complex is moving higher today on the potential for crude production cuts outside of OPEC.
Crude prices jumped today after OPEC Secretary-General Barkindo said that OPEC sees potential for a “sharp" cut in projected crude production by countries outside of OPEC next year. Barkindo also said that OPEC sees a possible "upswing" in its demand growth forecast, particularly if the U.S. and China sign a trade agreement.
European economic data today was positive for economic growth and energy demand after Eurozone Sep industrial production unexpectedly rose +0.1% m/m, stronger than expectations of -0.2% m/m.
The energy complex had initially opened lower today on uncertainty about progress on a U.S./China trade deal after President Trump said Tuesday that "tariffs will be raised substa... Read more
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