Crude Oil WTI Jul '20 (CLN20)
Crude Oil WTI Futures Market News and Commentary
October WTI crude oil (CLV26) closed down -0.13 (-0.16%) on Friday, and October RBOB gasoline (RBV26) closed up +0.0598 (+2.00%).
Crude oil and gasoline prices settled mixed on Friday. Crude prices posted modest losses on Friday after the dollar index ($DXY) rallied to a 2-week high. Also, signs of larger crude supplies transiting through the Strait of Hormuz are bearish for crude. Losses and crude were limited after President Trump signaled the US has no interest in returning to the terms of the deal it signed with Iran in June, casting doubt on oil flows from the Middle East returning to normal anytime soon.
Crude prices are under pressure on signs of larger oil supplies leaving the Middle East. Goldman Sachs said oil exports from the Persian Gulf have risen to 15 million to 16 million bpd, about two-thirds of pre-war levels.
Crude prices also weakened on Friday amid reports that Venezuela is considering leaving OPEC, which could increase the chances of a pr... Read more
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