Crude Oil Brent (F) Futures Market News and Commentary
Sep WTI crude oil (CLU20) this morning is up +1.60 (+3.84%), Oct Brent crude oil (CBV20) is up +1.60 (+3.60%), and Sep RBOB gasoline (RBU20) is up +0.0337 (+2.78%).
Energy prices this morning are sharply higher with WTI crude and Brent crude at 5-month highs, and RBOB gasoline at a 1-1/2 week high. A weaker dollar and a decline in U.S. crude inventories boosted crude prices. Crude oil prices also saw support today on technical buying when the price of WTI crude and Brent crude both rose above their 200-day moving averages for the first time since January.
Today's rally in stocks has bolstered confidence in the economic outlook and energy demand as the S&P 500 climbed to a 5-1/4 month high today, and the Nasdaq 100 rose to a new all-time high. Stocks are gaining on optimism that U.S. lawmakers will soon agree on a new virus relief package.
U.S. economic data today was mixed for energy demand, and crude prices after the U.S. July ADP employment change rose +167,00... Read more