Crude Oil WTI Futures Market News and Commentary
Sep WTI crude oil (CLU20) on Monday closed up +0.72 (+1.75%), Oct Brent crude oil (CBV20) closed up +0.59 (+1.32%), and Sep RBOB gasoline (RBU20) closed up +0.0217 (+1.80%).
Oil prices on Monday moved higher on hopes that energy demand is improving. Crude oil prices also had carry-over support from last Friday's weekly data from Baker Hughes that showed active U.S. oil rigs fell to a 15-year low. Crude prices extended their gains as stocks rallied, which bolsters confidence in the economic outlook and energy demand.
Comments on Sunday from Saudi Aramco CEO Nassar gave crude prices a lift when he said crude demand in Asia is almost back to pre-Covid levels. Also, data from FlightRadar24 shows the quantity of commercial flights around the world rose almost 6% w/w in the seven days to August 9, which means improved jet fuel demand.
The action by President Trump on Saturday to use executive actions to extend financial aid boosted stock prices and is positive for ene... Read more