Crude Oil Brent (F) Futures Market News and Commentary
May WTI crude oil (CLK21) on Friday closed down -0.33 (-0.52%), and May RBOB gasoline (RBK21) closed down -1.19 (-0.58%).
Crude oil and gasoline prices on Friday fell back from new 4-week highs and closed moderately lower. Concern that a resurgence of the global pandemic will lead to extended lockdowns that curb economic activity and fuel demand weighed on crude prices. Energy prices on Friday initially rallied to new 4-week highs in overnight trade on stronger-than-expected economic data from China, the world's second-largest crude consumer.
Signs that the pandemic is curbing fuel demand is bearish for crude prices after Friday's data showed India's fuel sales from April 1-15 fell -5% m/m as the recent surge in new Covid cases led to renewed lockdowns in India that curbed fuel demand.
Concern that the global resurgence of Covid infections will hurt economic growth and energy demand is negative for crude prices. The 7-day average of new Cov... Read more