Crude Oil WTI Jul '29 (CLN29)
Crude Oil WTI Futures Market News and Commentary
Nov WTI crude oil (CLX22) on Tuesday closed up +2.89 (+3.46%), and Nov RBOB gasoline (RBX22) closed up +17.01 (+6.77%).
Crude oil and gasoline prices Tuesday rallied sharply for a second day, with crude posting a 2-1/2 week high and gasoline climbing to a 5-week high. A fall in the dollar index (DXY00) Tuesday to a 2-week low was bullish for energy prices. Also, expectations for OPEC+ to cut its crude production targets when it meets on Wednesday are pushing crude prices higher.
Crude oil prices jumped Tuesday after delegates of OPEC+ said the group is considering cutting production by as much as 2.0 million bpd when it meets Wednesday. The reaction to any cut in OPEC+ crude production may be tempered as a cut in output would not necessarily lead to a commensurate drop in actual barrels since many OPOEC+ producers cannot meet their production quotas in full, given supply constraints. Citigroup estimates that a cut by OPEC+ production of 1 million bpd would only r... Read more
- Crude Sharply Higher on Dollar Weakness and OPEC+ Output Cut Discussions
Nov WTI crude oil (CLX22 ) on Tuesday closed up +2.89 (+3.46%), and Nov RBOB gasoline (RBX22 ) closed up +17.01 (+6.77%). Crude oil and gasoline prices...
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Nov WTI crude oil (CLX22 ) this morning is up +3.05 (+3.65%), and Nov RBOB gasoline (RBX22 ) is up +15.44 (+6.14%). Nov Nymex natural gas (NGX22 ) is...