Crude Oil Brent (F) Futures Market News and Commentary
May WTI crude oil (CLK20) this morning is down -0.07 (-0.34%), Jun Brent crude oil (CBM20) is down -1.53 (-5.81%), and May RBOB gasoline (RBK20) is down -0.0466 (-7.86%).
The energy complex is weaker this morning on a stronger dollar, an increase in OPEC crude production, the plunge in demand, and a bearish EIA inventory report. Losses were limited by news that Russia does not want to boost its crude oil production in the current environment of oversupply and weak prices.
A negative for crude is an increase OPEC crude output after OPEC Mar crude production rose by +150,000 bpd to 28.06 million bpd, the first increase in 6 months.
Negative comments Tuesday night from Cleveland Fed President Mester weighed on crude prices when she said she expects to see some "very bad" numbers on the economy with U.S. unemployment rising north of 10% due to the coronavirus.
The coronavirus continues to spread at a pace that is forcing massive shutdowns of economic activity... Read more