Crude Oil WTI May '17 (CLK17)
Crude Oil WTI Futures Market News and Commentary
September WTI crude oil (CLU26) closed up +0.89 (+1.15%) on Friday, and September RBOB gasoline (RBU26) closed up +0.0468 (+1.59%).
Crude oil and gasoline prices settled higher on Friday, supported by a decline in the dollar ($DXY) to a 7-week low. Also, uncertainty regarding a proposed plan by Iran and Oman to reopen the Strait of Hormuz is boosting crude prices.
The oil market is monitoring progress toward a deal between Iran and Oman to partially restore shipping through the Strait of Hormuz. A joint statement from the two countries is under review, and the route would remain active for two to four months, though the agreement does not mean a full reopening, according to Iranian officials. Iran said that a normalization of the strait will depend on the US lifting its blockade on Iranian ports.
Gains in crude oil are limited after President Trump said negotiations between Iran and Oman over the Strait of Hormuz are "moving along." However, the Wall Street Journ... Read more
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