Crude Oil WTI Futures Market News and Commentary
September WTI crude oil (CLU21) on Friday closed up +0.16 (+0.22%), and September RBOB gasoline (RBU21) closed up +0.0138 (+0.61%).
Sep WTI crude oil and Sep RBOB gasoline prices on Friday shook off early losses and climbed to 1-week highs. Crude prices gained Friday on signs energy demand is holding up despite the spreading Delta variant. Also, the rally in the S&P 500 to a new record high on Friday shows confidence in the economic outlook that is positive for energy demand. Crude prices on Friday initially open lower on dollar strength and the Delta variant.
Concerns about the worldwide spread of the delta Covid variant weighed on crude oil prices. Data on Friday from the CDC showed that Covid infections in France more than doubled over the past week, and South Korea extended pandemic restrictions after new Covid cases rose to a record. The worldwide spread of the delta Covid variant has forced renewed lockdowns across parts of Asia and Australia and undercuts ec... Read more