Crude Oil Brent F Feb '23 (QAG23)
Crude Oil Brent (F) Futures Market News and Commentary
July WTI crude oil (CLN26) on Thursday closed down -0.19 (-0.25%), and July RBOB gasoline (RBN26) closed up +0.0853 (+2.93%).
Crude oil and gasoline prices settled mixed on Thursday, with crude falling to a 3.5-month low.  Thursday's rally in the dollar index ($DXY) to a 13-month high is bearish for crude oil prices. Also, Wednesday night's action by President Trump to sign a preliminary deal to end the US-Iran war has reopened the Strait of Hormuz and allowed the restart of millions of barrels of oil exports, boosting global oil supplies. Pre-weekend short covering lifted prices off of their worst levels on Thursday, with US markets closed on Friday for the Juneteenth holiday.
Wednesday night, President Trump signed a memorandum of understanding in Paris, formally extending the US-Iran ceasefire for 60 days, reopening the Strait of Hormuz, and launching a further round of negotiations to permanently end the war. Â
The resumption of vessel traffic through the Stra... Read more
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