Crude Oil Brent F Aug '20 (QAQ20)
Crude Oil Brent (F) Futures Market News and Commentary
Jul WTI crude oil (CLN20) on Wednesday closed up +0.48 (+1.30%) at $37.29, Aug Brent crude oil (CBQ20) closed up +0.22(+0.56%) at $39.79, and Jul RBOB gasoline (RBN20) closed up +0.0010 (+0.09%).
The energy complex on Wednesday settled higher with WTI crude and Brent crude at 3-month highs and RBOB gasoline at a 2-3/4 month high. A slump in the dollar index Wednesday to a 2-1/2 month low boosted energy prices, as did an unexpected decline in weekly EIA crude oil inventories. Gains were limited by doubts about an extension of the 9.7 million bpd OPEC+ production cuts, along with a bearish surge in EIA gasoline and distillate supplies.
Crude prices recovered from early losses Wednesday and settled higher after the S&P 500 raced up to 3-month high, which sparked optimism in the economic outlook and energy demand.
Crude prices saw weakness Wednesday morning on questions about whether an OPEC+ meeting will even happen this month unless compliance with existing crude... Read more
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