Crude Oil WTI Mini Futures Market News and Commentary
July WTI crude oil (CLN22) on Friday closed up +0.98 (+0.86%), and July RBOB gasoline (RBN22) closed up +11.95 (+3.15%).
Crude oil and gasoline prices Friday climbed to 1-week highs. A slump in the dollar index Friday to a 1-month low supported gains in energy prices. A rally in the S&P 500 to a 3-week high Friday was also bullish for crude as it shows confidence in the economic outlook and energy demand. Gains in crude were limited on concern that record-high gasoline prices will undercut consumer sentiment and spending after Friday's data showed the University of Michigan U.S. May consumer sentiment was unexpectedly revised downward to a 10-3/4 year low.
U.S. economic data Friday was mixed for energy demand and prices. On the positive side, U.S. Apr personal spending rose +0.9% m/m, slightly stronger than expectations of +0.8% m/m. Conversely, the University of Michigan's U.S. May consumer sentiment index was unexpectedly revised downward by -0.7 points to a 10... Read more