Crude Oil WTI Futures Market News and Commentary
May WTI crude oil (CLK20) on Thursday closed up +5.01 (+24.67%), Jun Brent crude oil (CBM20) closed up +5.20 (+20.94%), and May RBOB gasoline (RBK20) closed up +0.1163 (+21.28%).
The energy complex on Thursday rallied sharply with WTI crude and RBOB gasoline at 1-1/2 week high and Brent crude at a 2-1/2 week high. Crude prices soared on massive short-covering after President Trump said on Thursday that he expects Saudi Arabia and Russia to cut crude production after he spoke with Saudi Crown Prince Mohammed Bin Salman. Saudi Arabia did not confirm that it is willing to cut production, but did call for an urgent OPEC+ meeting to reach a "fair deal" that would restore balance in oil markets. Crude prices fell back from their best levels Thursday after Kremlin spokesman Peskov said that Russian President Putin had not spoken to the Saudi crown prince and hasn't agreed to cut oil production to boost prices.
Crude prices on Thursday opened higher on increased Chinese oil de... Read more