Crude Oil Brent (F) Futures Market News and Commentary
Dec WTI crude oil (CLZ20) this morning is up +0.18 (+0.44%), Dec Brent crude oil (CBZ20) is up +0.09 (+0215%), and Dec RBOB gasoline (RBZ20) is up +0.0022 (+0.19%).
The energy complex this morning is modestly higher. A weaker dollar today is boosting crude oil prices along with a rally in stocks, which bolsters confidence in the economic outlook and energy demand. Also, today's stronger-than-expected Chinese economic data was positive for global growth prospects and energy demand.
Comments today from the Saudi Arabian Oil Minister Prince Abdulaziz Bin Salman were supportive of crude prices when he said OPEC+ will do what's necessary to balance the market, and no one should doubt OPEC+ commitment. Ministers of OPEC+ and the group's Joint Ministerial Monitoring Committee (JMMC) are meeting online today, although decisions on next year's crude supply will not be finalized until the OPEC meeting on Nov 30-Dec 1.
Today's U.S economic data was positive for economic gr... Read more