Crude Oil WTI ICE Futures Market News and Commentary
Mar WTI crude oil (CLH21) on Friday closed down -0.86 (-1.62%), and Mar RBOB gasoline (RBH21) closed down -0.22 (-0.14%).
Crude oil and gasoline prices on Friday dropped to 2-week lows. Concern that governments will have to tighten lockdown measures in an attempt to contain the spread of Covid weighed on energy prices Friday. Prices recovered from their worst levels on better-than-expected U.S. economic data along with a mixed EIA inventory report.
The global pandemic surge is leading to longer lockdowns, which undercuts economic growth and energy demand. President Biden warned late Thursday that the pandemic would worsen before it improves as the U.S. faces a "dark winter" where another 100,000 U.S. Covid deaths are expected over the next month. Globally, Covid infections have risen above 98.204 million, and deaths have exceeded 2.103 million.
In a bearish factor for crude oil prices, the German government on Friday cut its 2021 German GDP... Read more