Crude Oil Brent (F) Futures Market News and Commentary
Jul WTI crude oil (CLN20) on Friday closed down -0.67 (-1.98%) at $33.25, Jul Brent crude oil (CBN20) closed down -0.93 (-2.56%) at $35.13, and Jul RBOB gasoline (RBN20) closed down -0.0100 (-0.94%).
The energy complex on Friday settled sharply lower on a stronger dollar and on doubts about China's economy and its energy demand. Also, long liquidation pressures weighed on crude oil ahead of the long Memorial Day holiday weekend.
Escalation of U.S./China tensions boosted the dollar on Friday and undercut stock and commodity prices. Tensions rose after China announced plans to impose a national security law on Hong Kong. President Trump said the U.S. would "respond strongly" to a planned move by China to crack down on protests and democratic movements in Hong Kong.
Concern that weak economic growth in China, the world's second-largest crude consumer, will curb China's energy demand also undercut crude prices. Growth concerns increased after China on Friday abandon... Read more