Crude Oil Brent F Dec '19 (QAZ19)
Crude Oil Brent (F) Futures Market News and Commentary
Nov WTI crude oil (CLX19) on Monday closed down by -0.47 (-0.87%), Dec Brent crude oil (CBZ19) closed down by -0.46 (-0.77%), and Nov RBOB gasoline (RBX19) closed down by -0.0158 (-0.97%). The energy complex settled lower Monday on global demand concerns and on increased crude exports from Saudi Arabia. Global economic weakness is negative for energy demand after Japanese trade data on Monday showed Japan Sep exports fell -5.2% y/y, weaker than expectations of -3.7% y/y and the tenth straight month that exports have declined. Also, larger crude supplies are bearish for oil prices after data from consultant Kpler on Monday showed that Saudi Arabian crude exports have recovered to 7.8 million bpd, the second-highest ever. Saudi crude oil production has now fully recovered from the attacks last month on its oil installations that temporarily slashed its oil production by half. A stronger dollar on Monday also weighed on the energy complex. Crude oil prices found some support Monday from t... Read more
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