Crude Oil WTI Futures Market News and Commentary
Aug WTI crude oil (CLQ20) on Friday closed up +0.93 (+2.35%) at $40.55, Sep Brent crude oil (CBU20) closed up +0.89 (+2.10%) at $43.24, and Aug RBOB gasoline (RBQ20) closed up +0.0326 (+2.61%).
The energy complex on Friday erased overnight losses and moved higher on a weak dollar along with some positive Covid treatment news. WTI crude had dropped to a 1-1/2 week low in overnight trade when the IEA warned that the demand recovery is at risk from a resurgence of the pandemic in major economies.
U.S. stocks indexes and crude oil prices recovered from overnight losses after Gilead Sciences announced on Friday that its Remdesivir drug to treat the coronavirus showed a 62% cut in mortality risk for patients taking the drug.
Crude prices were under pressure early Friday on concern energy demand will fall as the spike in U.S. coronavirus cases prompts more states to delay opening up their economies. The U.S. reported a record of 61,791 new coronavirus infections on Thu... Read more