Crude Oil Brent (F) Futures Market News and Commentary
January WTI crude oil (CLF24) on Friday closed down -1.57 (-2.07%), and Jan RBOB gasoline (RBF24) closed down -0.0547 (-2.51%).
Crude oil and gasoline prices Friday gave up an early advance and sold off, with crude falling to a 1-week low. Crude prices were under pressure on negative carryover from Thursday when OPEC+ said it would cut its crude production level by -1.0 million bpd but did not provide details on how the cuts would be implemented. Also, concerns that economic activity in the U.S. is slowing weighed on energy prices after Friday's U.S. Nov ISM manufacturing report contracted more than expected. Crude price Friday initially opened higher on a weak dollar and after a gauge of Chinese manufacturing activity unexpectedly expanded last month, a positive for energy demand.
Friay's global manufacturing news was mixed for crude demand and prices. On the bearish side, the U.S. Nov ISM manufacturing index was unchanged at 46.7, weaker than expectations of an i... Read more