Crude Oil WTI ICE Futures Market News and Commentary
Dec WTI crude oil (CLZ20) on Friday closed down -0.79 (-1.94%), Dec Brent crude oil (CBZ20) closed down -0.69 (-1.63%), and Dec RBOB gasoline (RBZ20) closed down -0.0182 (-1.59%).
The energy complex on Friday retreated with WTI crude falling to a 1-week low. Energy prices fell on concern the resurgence of global Covid infections will lead to more stay-at-home orders that curtail economic growth and energy demand. Also, the slow progress of U.S. pandemic stimulus talks weighed on crude prices. Positive factors for crude oil included a weaker dollar and signs of strength in global manufacturing activity.
Crude prices were under pressure Friday on concern that the worsening of the Covid pandemic will curb economic growth and energy demand. Italy, on Friday, reported a record 19,143 new Covid infections. France reported a record 41,622 new Covid cases Thursday as the government expanded a curfew with 46 million people told to stay home from 9 pm to 6 am. Also, new U.S. Cov... Read more