Crude Oil WTI Futures Market News and Commentary
Jul WTI crude oil (CLN20) this morning is up +0.41 (+1.16%) at $35.85, Aug Brent crude oil (CBQ20) is up +0.64 (+1.70%) at $38.96, and Jul RBOB gasoline (RBN20) is up +0.0339 (+3.18%).
The energy complex this morning is moving higher with WTI crude at a 3-month high and Brent crude and RBOB gasoline at 2-3/4 month highs. A slump in the dollar index this morning to a 2-1/2 month low is boosting the energy complex along with indications that OPEC+ may extend their crude production cut into July.
Crude prices jumped in overnight trading when OPEC+ delegates said that Russia and several OPEC producers are in favor of extending their 9.7 million bpd crude production cuts for another month into July. The current agreement calls for the -9.7 million bpd cuts in OPEC+ crude production in May-June, then dialing back to about 7.7 million bpd in the second half of 2020.
Reduced OPEC crude oil output is supportive for oil prices as OPEC May crude production fell -5.84 milli... Read more