Crude Oil WTI Nov '22 (CLX22)
Crude Oil WTI Futures Market News and Commentary
May WTI crude oil (CLK26) today is up +2.40 (+2.63%), and May RBOB gasoline (RBK26) is up +0.0655 (+2.13%). Â Crude oil and gasoline prices settled mixed on Wednesday, with crude falling to a 3-week low. Â
Crude oil and gasoline prices are moving higher today as the US naval blockade of the Strait of Hormuz enters its fourth day, curbing oil supplies from the Middle East. Â Gains in crude oil accelerated today after Iran's Tasnim news agency said the US must drop "excessive demands" if a peace deal is going to be reached. Â Also, today's rally in the S&P 500 to a new all-time high shows confidence in the economic outlook that is supportive for energy demand and crude prices.
Hopes for peace in the Middle East are limiting gains in crude oil prices. Â The US and Iran are considering extending their ceasefire, which ends this coming Tuesday, by another two weeks to allow more time to negotiate a peace agreement. Â
Persian Gulf oil producers have been forced to cut produc... Read more
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May WTI crude oil (CLK26 ) today is up +2.40 (+2.63%), and May RBOB gasoline (RBK26 ) is up +0.0655 (+2.13%). Crude oil and gasoline prices settled mixed...
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