Crude Oil Brent F Aug '20 (QAQ20)
Crude Oil Brent (F) Futures Market News and Commentary
July WTI crude oil (CLN21) this morning is up +0.84 (+1.19%), and July RBOB gasoline (RBN21) is up +.0080 (+0.37%).
July crude oil prices this morning are moderately higher, with crude at a fresh 2-1/2 year high. Crude prices continue to climb on the outlook for global energy demand to increase as a faster pace of Covid vaccinations allows economies to reopen. A bearish factor for crude is today's 1-month high in the dollar index.
An increase in Chinese gasoline demand is a positive for crude prices as estimates from China's top oil companies show China May gasoline demand was 5% higher than the same period in 2019.
IHS Markit said today that crude prices are likely to stay above $70 a barrel amid increasing summer demand and current supply constraints from OPEC+.
Crude oil prices have support from doubts about efforts to finalize a nuclear deal with Iran. Iran's foreign ministry on Monday said that there was "very little time left" for world powers to res... Read more
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