Crude Oil WTI Jan '23 (CLF23)
Crude Oil WTI Futures Market News and Commentary
June WTI crude oil (CLM26) on Friday closed down -3.13 (-2.98%), and June RBOB gasoline (RBM26) closed down -0.0198 (-0.55%). Â Crude oil and gasoline prices gave up early gains on Friday and settled sharply lower, with gasoline falling from a 3.75-year high. Â Crude prices came under pressure on Friday in hopes that negotiations to end the US-Iran war will resume. Â
Crude prices retreated on Friday on hopes that negotiations to end the US-Iran war will resume after Iranian Foreign Minister Abbas Araghchi said Iran is ready to continue diplomatic efforts with the US if the Americans change their approach and avoid "excessive demand, threatening rhetoric, and provocative actions."
Crude oil prices initially moved higher on Friday after President Trump said he was sticking with a naval blockade of Iran, and Iran's Supreme Leader, Mojtaba Khamenei, vowed not to give up Iran's nuclear or missile technologies and said Iran would keep control of the Strait of Hormuz. Â
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