Crude Oil WTI Futures Market News and Commentary
Jan WTI crude oil (CLF20) on Thursday closed up +0.42 (+0.71%), Feb Brent crude oil (CBG20) closed up +0.48 (+0.80%), and Jan RBOB gasoline (RBF20) closed up +0.0022 (+0.14%).
The energy complex moved higher Thursday on trade optimism after President Trump said that a trade deal with China is very close.
U.S. stock indexes rallied to new record highs Thursday, which shows confidence in the economic outlook and is positive for energy demand, after President Trump tweeted Thursday morning that the U.S. is "very close to a big deal" with China. Optimism improved further after Dow Jones reported that U.S. trade negotiators have offered to cut existing tariff rates by up to 50% on $360 billion of Chinese imports and have also offered to cancel new China tariffs set to take effect Dec 15. Reports then emerged in the afternoon that a trade deal is done and is only awaiting President Trump's approval.
The energy complex also found support Thursday after the ECB raised i... Read more