Crude Oil Brent (F) Futures Market News and Commentary
Apr WTI crude oil (CLJ21) on Friday closed up +2.26 (+3.54%), and Apr RBOB gasoline (RBJ21) closed up +6.68 (+3.34%).
Crude oil and gasoline prices on Friday rallied sharply for a second day up to 1-3/4 year highs. Crude prices have moved sharply higher on concern that the unexpected action by OPEC+ on Thursday not to increase its crude production levels will overtighten the global crude market. Gains in crude and gasoline accelerated Friday morning on a stronger-than-expected monthly U.S. payroll report. Crude oil prices were undercut Friday by a rally in the dollar index to a new 3-1/4 month high.
Crude prices rallied on positive carry-over from Thursday when OPEC+ decided to keep its crude production levels unchanged for April versus market expectations for an increase of at least +1.0 million bpd. Also, crude prices garnered support after Saudi Arabia said it would maintain its 1.0 million bpd voluntary cut in crude production for April.<... Read more