Crude Oil Brent (F) Futures Market News and Commentary
Aug WTI crude oil (CLQ20) on Monday closed down -0.45 (-1.11%) at $40.10, Sep Brent crude oil (CBU20) closed down -0.52 (-1.20%) at $42.72, and Aug RBOB gasoline (RBQ20) closed down -0.0097 (-0.76%).
The energy complex on Monday closed lower on signs that OPEC+ is preparing to taper its crude production cutbacks. Also, the raging coronavirus pandemic may force states to reinstitute lockdown measures that will slow economic growth and curb energy demand. Losses in crude were contained by Monday's weakness in the dollar.
The OPEC+ Joint Ministerial Monitoring Committee (JMMC) will meet this Wednesday, and several delegates said the committee is leaning toward tapering its crude production cuts to 7.7 million barrels/day for August from 9.6 million bpd in July. Also, several members from top Russian oil producers said they are preparing to ramp up crude production next month in the absence of other guidance from the Russian Energy Ministry. Crude prices were also under pr... Read more