Crude Oil WTI Futures Market News and Commentary
Dec WTI crude oil (CLZ20) this morning is down -1.08 (-2.71%), Dec Brent crude oil (CBZ20) is down -1.06 (-2.54%), and Dec RBOB gasoline (RBZ20) is down -0.0163 (-1.45%).
The energy complex this morning tumbled to 3-week lows. Crude oil prices are being undercut by a stronger dollar, ramped-up crude production in Libya, rising global Covid infections, and the slow progress of U.S. pandemic stimulus talks.
Ramped-up crude output in Libya is a bearish factor for crude prices. Libya's National Oil Corp. (NOC) lifted force majeure on exports from its El Feel oil field today and said Libyan crude production might climb to 1.0 million bpd within a month. Libya's NOC said today that the action Monday marks "the end of closures at all Libyan oil fields and ports." Libya's crude production has risen to 690,000 bpd from less than 100,000 bpd in early September. Libya holds Africa's largest oil reserves, but due to the recent civil war, has been exempted from OPEC+ supply cuts. Read more