Crude Oil WTI Futures Market News and Commentary
Mar WTI crude oil (CLH20) this morning is up +0.66 (+1.28%), Apr Brent crude oil (CBH20) is up +0.82 (+1.46%), and Mar RBOB gasoline (RBH20) is down -0.0081 (-0.51%).
The energy complex is trading mixed this morning with crude prices at 2-week highs. Crude prices are pushing higher after economic data today bolstered speculation the U.S. economy has enough momentum to absorb the negative impact of the China coronavirus. The coronavirus outbreak now shows 63,851 confirmed cases of the coronavirus, with 1,380 deaths. A rally in the dollar index to a new 4-month high today is bearish for the energy complex.
The energy markets are still waiting for Russia's decision on whether it will agree to an OPEC+ proposal to deepen crude production cuts in response to weak crude demand from the China coronavirus. Russian Energy Minister Novak on Tuesday said that Russia is "studying" the recommendation by the OPEC+ technical committee to cut crude output by a further -600,000 bpd and... Read more