Crude Oil Brent F Jan '24 (QAF24)
Crude Oil Brent (F) Futures Market News and Commentary
May WTI crude oil (CLK26) on Friday closed down -1.30 (-1.33%), and May RBOB gasoline (RBK26) closed up +0.0366 Â (+1.22%). Â Crude oil and gasoline prices settled mixed on Friday. Â Crude prices gave up an early advance on Friday and retreated amid heavy liquidation in crude oil futures ahead of Saturday's peace negotiations in Pakistan between the US and Iran. Â Crude prices initially moved higher on Friday amid a weaker dollar and ongoing blockage of the Strait of Hormuz, which has disrupted crude oil flows from the Gulf and reduced global oil supplies. Â
Crude prices also fell on Friday after Reuters reported that the US is likely to approve an extension of a waiver that would allow the sale of some Russian crude oil. Â
Crude prices were pressured on Friday in hopes that this weekend's negotiations between the US and Iran will lead to a diplomatic solution to the war that allows crude supplies to flow again through the Strait of Hormuz. Â It remains to be seen if there wi... Read more
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