Crude Oil WTI Futures Market News and Commentary
Aug WTI crude oil (CLQ22) on Friday closed up +3.35 (+3.21%), and Aug RBOB gasoline (RBQ22) closed up +12.07 (+3.30%).
Crude oil and gasoline prices Friday closed sharply higher. A weaker dollar Friday boosted energy prices along with comments from St. Louis Fed President Bullard, who said the U.S. consumer is healthy and fears of a recession are overblown.
Crude prices garnered support Friday as inflation concerns eased, which may reduce the urgency of steeper rate hikes from the Fed. Friday's data showed the University of Michigan’s 5-10 year inflation expectations rate fell to 3.1% from a 14-year high of 3.3%.
Recession fears eased Friday and gave crude prices a lift after data showed U.S. May new home sales unexpectedly rose +10.7% m/m to 696,000, stronger than expectations of a decline to 590,000.
A supportive factor for crude oil prices is the reopening of China's economy after the recent pandemic lockdowns. Beijing and Shanghai are slowly reopen... Read more