Crude Oil Brent F Cash (QAY00)
Crude Oil Brent (F) Futures Market News and Commentary
August WTI crude oil (CLQ26) today is down -3.02 (-4.13%), and August RBOB gasoline (RBQ26) is down -0.0842 (-2.95%).
Crude oil and gasoline prices are falling sharply today, with crude oil posting a 3.5-month low. Today’s rally in the dollar index ($DXY) to a 13-month high is weighing on energy prices. Also, the resumption of crude supplies through the reopened Strait of Hormuz is easing global oil supply concerns and is undercutting crude prices. Today’s weekly EIA inventory report was mixed for crude oil and products.
Crude prices are sinking today as more tankers openly cross the Strait of Hormuz, boosting global crude supplies. Vessels are transiting the waterway with their satellite signals switched on, indicating growing confidence among shipowners. Also, the International Maritime Organization said it had received guarantees allowing hundreds of ships to exit the Persian Gulf.
The resumption of vessel traffic through the Strait of Hormuz is releasing mo... Read more
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