Crude Oil WTI Futures Market News and Commentary
June WTI crude oil (CLM22) on Friday closed up +1.02 (+0.91%), and June RBOB gasoline (RBM22) closed up +0.53 (+0.14%).
Crude oil and gasoline prices Friday closed higher. Crude rose Friday after China boosted stimulus measures, which may bolster the economy and increase fuel demand. Also, India in April imported the most crude oil in 3-1/2 years. Crude prices fell back from their best levels after Friday afternoon's weekly data from Baker Hughes showed active U.S. rigs jumped to a new 2-year high.
The Peoples Bank of China (PBOC) Friday cut the five-year loan prime rate, a reference for home mortgages, by -15 bp to 4.45%, a larger cut than expectations of -10 bp. The lower borrowing costs may spur economic growth that is positive for energy demand in China, the world's second-largest crude consumer.
Increased crude demand in India, the world's third-largest crude consumer, is bullish for prices. Data from India's oil ministry Friday showed India Apr crude i... Read more