Crude Oil WTI Futures Market News and Commentary
Sep WTI crude oil (CLU20) on Friday closed down -0.73 (-1.74%), Oct Brent crude oil (CBV20) closed down -0.69 (-1.54%), and Sep RBOB gasoline (RBU20) closed down -0.0205 (-1.67%).
Energy prices on Friday moved lower throughout the day on a stronger dollar along with concern that escalation of U.S./China tensions could lead to a wider spat that reduces trade and undercuts growth in the world's two largest economies. Crude prices recovered some of their losses on a stronger-than-expected U.S. July payroll report and bullish Baker Hughes data.
Ramped-up U.S./China tensions undercut global stock and commodity markets Friday after President Trump Thursday night signed executive orders prohibiting U.S. residents from doing business with the Chinese-owned TikTok and WeChat apps beginning 45 days from now, citing a national security risk of leaving Americans' personal data exposed.
Crude prices are also under pressure on concern that the U.S. economy and energy demand m... Read more