Crude Oil WTI Futures Market News and Commentary
Dec WTI crude oil (CLZ20) this morning is closed down -1.96 (-5.24%), Dec Brent crude oil (CBZ20) is down -1.91 (-4.88%), and Dec RBOB gasoline (RBZ20) is down -0.0426 (-4.01%).
The energy complex this morning is sharply lower for a second day with WTI crude at a 4-1/2 month low and Brent crude and RBOB gasoline at 5-month lows. A rally in the dollar index to a 2-week high today is bearish for energy prices. Also, crude prices are still weighed down on concern that surging Covid infections throughout the world will lead to new lockdowns that undercut global economic growth and energy demand.
Surging Covid infections in Europe led Germany and France, Europe's two largest economies, to impose fresh lockdown and stay-at-home measures that are negative for economic growth and energy demand. German Chancellor Merkel on Wednesday announced that bars and restaurants in Germany would close for a month, and French President Macron ordered a new national lockdown where bars, res... Read more