Crude Oil Brent F Feb '23 (QAG23)
Crude Oil Brent (F) Futures Market News and Commentary
Jan WTI crude oil (CLF23) on Friday closed down -1.24 (-1.53%), and Jan RBOB gasoline (RBF23) closed down -6.16 (-2.63%).
Crude oil and gasoline prices Friday gave up early gains and closed moderately lower. The action by the European Union (EU) Friday to agree to a price cap on Russian crude at $60 a barrel weighed on energy prices. Crude prices Friday morning initially moved higher after the dollar index (DXY00) tumbled to a 5-month low. Also, easing Covid restrictions in China is bullish for crude as it may boost economic activity that supports energy demand in China, the world's largest crude importer.
A bearish factor for crude was Friday's decline in the crack spread to a 2-1/4 month low. A weaker crack spread discourages refiners from purchasing crude oil to refine into gasoline and distillates.
OPEC+ will meet this Sunday, and the consensus is for the group to keep production unchanged. However, the market will be on guard for a production cut afte... Read more
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