Crude Oil WTI Futures Market News and Commentary
Dec WTI crude oil (CLZ19) on Friday closed up by +0.95 (+1.67%), Jan Brent crude oil (CBF20) closed up +1.03 (+1.65%), and Dec RBOB gasoline (RBZ19) closed up by +0.192 (+1.19%).
The energy complex rallied on Friday with Dec WTI crude and Jan Brent crude at 1-1/2 month highs and Dec RBOB gasolne at a 1-week high on dollar weakness along with a rally in U.S. stock index to new record highs on heightened trade optimism.
The dollar index slid to a 1-week low Friday. which boosted the prices of most commodities priced in dollars, including crude oil.
Heightened trade optimism has pushed stock indexes to fresh record highs Friday, which bolsters confidence in the economic outlook and energy demand and is bullish for energy prices. Trade optimism soared after White House economic adviser Kudlow on Thursday night said that the first phase of a trade deal with China was close though "not done yet" and that "we are coming down to the short strokes" of signing a deal.... Read more