Crude Oil Brent (F) Futures Market News and Commentary
July WTI crude oil (CLN22) on Monday closed up +0.01 (+0.01%), and July RBOB gasoline (RBN22) closed down -0.95 (-0.26%).
Crude oil and gasoline prices Monday settled mixed. Crude on Monday gave up overnight gains, and gasoline turned lower, on the likelihood that the European Union (EU) will be unable to approve a near-term ban on Russian oil. Crude prices are also under pressure on concern that rising Covid infections in China will lead to extended lockdowns that curb economic activity and energy demand. Energy prices had support Monday from the decline in the dollar index to a 3-1/2 week low.
Crude oil prices retreated Monday on the likelihood that the EU will be unable to approve a ban on Russian oil when EU leaders meet next week as Hungary continues to oppose the measure. All EU member nations must approve the ban before it can become law.
Oil prices are being undercut by the outlook for Chinese energy demand to remain weak this year. The Oxford Inst... Read more