Crude Oil WTI Futures Market News and Commentary
May WTI crude oil (CLK20) on Wednesday closed up +1.46 (+6.18%), Jun Brent crude oil (CBM20) closed up +0.97 (+3.26%), and May RBOB gasoline (RBK20) closed up +0.0298 (+4.60%).
The energy complex on Wednesday closed sharply higher. Crude prices rallied on expectations that OPEC+ will agree on a cut in crude production when it meets on Thursday. Oil prices also received a boost from news that India will buy oil to boost reserves.
Crude oil has support from expectations that OPEC+ will agree on cuts in crude production when it meets by video conference on Thursday. However, a deal may hinge on some form of co-operation from the United States. A G-20 energy minister meeting will be held Friday to put pressure on non-OPEC+ countries such as the U.S. and Canada to cut production.
Crude oil prices Wednesday morning opened higher after India, the world's third-biggest crude consumer, said it is set to purchase up to 15 million bbl of crude to fill its strategic reserve... Read more