Crude Oil WTI Mar '18 (CLH18)
Crude Oil WTI Futures Market News and Commentary
September WTI crude oil (CLU26) on Friday closed down -2.88 (-3.12%), and September RBOB gasoline (RBU26) closed down -0.0726 (-2.18%).
WTI crude oil prices (CLU26) on Friday fell and gave back about half of Thursday’s 6% rally. Meanwhile, Sep Brent crude oil prices (CBU26) fell back to the $97 per barrel area after posting a 2-month high of $102 on Thursday.
Oil prices closed lower as oil shipments are continuing in the Red Sea despite threats from the Houthis, with some oil tankers turning off their location transponders. Oil prices rallied by more than +6% on Thursday after the Iran-backed Houthis launched a missile and drone attack on two Saudi Arabian oil tankers in the Red Sea, expanding the oil disruptions beyond the Strait of Hormuz and threatening oil shipments in the Red Sea. President Trump said in an interview with Axios on Thursday that he is considering a “massive attack” that would be “bigger than ever before” and is “close to making a decision on it.”... Read more
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