Crude Oil WTI Futures Market News and Commentary
January WTI crude oil (CLF24) on Tuesday closed up +1.55 (+2.07%), and Jan RBOB gasoline (RBF24) closed up +0.0472 (+2.20%).
Crude oil and gasoline prices Tuesday closed moderately higher. Tuesday's slump in the dollar index (DXY00) to a 3-1/2 month low was bullish for energy prices. Crude prices also garnered support Tuesday from dovish Fed comments and stronger-than-expected global economic news that is positive for energy demand. A bearish factor for crude is the ongoing dispute among Saudi Arabia and other OPEC+ members on crude production levels.
Tuesday's global economic news was stronger than expected and bullish for energy demand and crude prices. The Conference Board U.S. Nov consumer confidence index rose +2.9 to 102.0, stronger than expectations of 101.0. Also, the German Dec GfK consumer confidence index unexpectedly rose +0.5 to -27.8, stronger than expectations of a decline to -28.2.
Dovish comments today from Fed Governor Waller suggest he favor... Read more