Crude Oil WTI Futures Market News and Commentary
January WTI crude oil (CLF22) on Friday closed down -0.24 (-0.36%), and January RBOB gasoline (RBF22) closed down -1.48 (-0.75%).
WTI crude oil and RBOB gasoline prices on Friday gave up an early advance and settled moderately lower. Covid concerns undercut energy prices Friday, with at least six U.S. states reporting omicron variant cases and the 7-day average of new U.S. Covid infections climbing to a 1-3/4 month high on Thursday. Crude prices on Friday initially moved higher on the prospects for Iranian crude to remain out of the global market as the Iranian nuclear talks drag on.
Crude still has carry-over support from Thursday when OPEC+ put a clause into the agreement to raise crude output by 400,000 bpd in January, saying they could revisit the decision to raise production at any time as the risk to energy demand from the omicron Covid variant becomes clearer.
Crude prices have support on concern the Iranian nuclear talks will continue to drag on, whi... Read more