Crude Oil WTI Futures Market News and Commentary
Aug WTI crude oil (CLQ20) on Thursday closed up +0.83 (+2.08%) at $40.65, Sep Brent crude oil (CBU20) closed up +1.11 (+2.60%) at $43.14, and Aug RBOB gasoline (RBQ20) closed up +0.0423 (+3.48%).
The energy complex on Thursday rallied to 1-week highs and settled higher. Crude prices on Thursday opened higher on strength in the monthly U.S. payroll report, which was positive for economic growth and energy demand. Crude oil prices extended their gains Thursday afternoon on a decline in active U.S. oil rigs.
Thursday's U.S. monthly payroll report was supportive of economic growth and energy demand after Jun non-farm payrolls rose +4.8 million, stronger than expectations of +3.23 million, and the largest increase since the data began in 1939. Also, the Jun unemployment rate fell -2.2 to 11.1%, showing a stronger labor market than expectations of 12.5%.
Comments on Thursday from Russian Energy Minister Novak were supportive for crude prices when he said the global oi... Read more