Crude Oil WTI Mini Futures Market News and Commentary
January WTI crude oil (CLF24) on Monday closed down -1.03 (-1.39%), and Jan RBOB gasoline (RBF24) closed up +0.0210 (+0.99%).
Crude oil and gasoline prices on Monday settled mixed, with crude falling to a 2-week low. Monday's rally in the dollar index to a 1-week high was bearish for energy prices. Crude oil was also under pressure on negative carryover from last Thursday when OPEC+ said it would cut its crude production level by -1.0 million bpd but did not provide details on how the cuts would be implemented.
However, crude prices recovered from their worst levels, and gasoline prices turned positive after Saudi Energy Minister Prince Abdulaziz bin Salman said Saudi Arabia's crude production curbs could "absolutely" continue past March of next year.
Oil prices have support by concern that attacks on oil tankers in the Middle East may disrupt crude oil supplies. The U.S. Central Command said there were four attacks by missiles and drones against three separate... Read more