Crude Oil Brent (F) Futures Market News and Commentary
Jan WTI crude oil (CLF20) on Monday closed down -0.18 (-0.30%), Feb Brent crude oil (CBG20) closed down -0.14 (-0.25%), and Jan RBOB gasoline (RBF20) closed up +0.0074 (+0.45%).
The energy complex settled mixed on Monday as crude oil prices consolidated below Friday's 2-3/4 month highs. Global energy demand concerns on Monday were bearish for oil crude prices after China Nov exports unexpectedly declined. However, crude oil prices on Monday saw support from a weak dollar and positive carry-over from last Friday when OPEC+ agreed to a larger production cut for Q1.
Global growth concerns weighed on crude prices Monday after China's Nov exports unexpectedly fell -1.1% y/y, weaker than expectations of +0.8% y/y. Trade jitters were also negative for crude prices on uncertainty about whether the U.S. will go ahead with planned tariff hikes on Chinese imports this Sunday (Dec 15).
OPEC+ at its meeting late last week agreed to cut production by another 500,000 bpd for Q... Read more