Crude Oil WTI Futures Market News and Commentary
July WTI crude oil (CLN21) on Friday closed +0.62 (+0.88%), while July RBOB gasoline (RBN21) closed down -0.0261 (-1.18%).
July crude oil prices on Friday rallied to a new 2-1/2 year high, while gasoline prices closed lower. Oil prices saw support after the International Energy Agency (IEA) on Friday predicted that global oil demand will recover to pre-pandemic levels by late 2022. The IEA also called on OPEC+ to boost production to meet demand.
Crude oil prices also saw continued support from doubts about efforts to finalize a nuclear deal with Iran. The EU issued a statement Thursday that said it has "deep regret" that Iran hasn't provided the International Atomic Energy Agency (IAEA) with an explanation for atomic activity at undeclared locations. 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.
Gasoline prices on Friday saw weakness after news late Thursday that a... Read more