Crude Oil WTI Futures Market News and Commentary
Jan WTI crude oil (CLF23) on Thursday closed up +0.67 (+0.83%), and Jan RBOB gasoline (RBF23) closed down -4.27 (-1.79%).
Crude oil and gasoline prices Thursday settled mixed, with crude climbing to a 2-week high. A slump in the dollar index to a 3-1/2 month low Thursday was bullish for energy prices. Also, crude rose on expectations that energy demand will improve in China after the government eased Covid restrictions. However, crude prices fell back from their best levels, and gasoline declined, on concern the U.S. economy is weakening after Thursday's news that the Nov ISM manufacturing index contracted at the steepest pace in 2-1/2 years, a bearish sign for energy demand.
Crude prices moved higher this week after China eased Covid restrictions in some parts of the country, which sparked some optimism about an economic reopening. China on Wednesday lifted lockdowns in Guangzhou's southern manufacturing hub, removed lockdown restrictions in the main urban areas o... Read more