Crude Oil WTI Futures Market News and Commentary
January WTI crude oil (CLF24) on Friday closed up +1.86 (+2.68%), and Jan RBOB gasoline (RBF24) closed up +0.0498 (+2.49%).
Crude oil prices Friday rebounded from Thursday's 5-1/4 month low and posted moderate gains. Crude rallied Friday after better-than-expected U.S. economic reports on Nov payrolls and Dec consumer sentiment reduced recession fears and bolstered the outlook for a soft landing, a positive factor for energy demand and crude prices. Also, plans by the U.S. to refill its strategic petroleum reserve are supportive of crude. On the negative side was Friday's rally in the dollar index (DXY00) to a 3-week high.
Crude prices found support Friday after the U.S. Energy Department issued a solicitation to buy as much as 3 million bbl of sour crude for delivery in March to refill the strategic petroleum reserve. That comes on top of a previous tender to buy the same amount for February. The Energy Department said it will hold monthly tenders to buy oil to r... Read more