Crude Oil WTI Jan '22 (CLF22)
Crude Oil WTI Futures Market News and Commentary
January WTI crude oil (CLF22) on Wednesday closed down -0.61 (-0.92%), and January RBOB gasoline (RBF22) closed up +1.10 (+0.57%).
WTI crude oil and RBOB gasoline prices on Wednesday settled mixed. Rising expectations that OPEC+ will abandon plans to boost crude production in January sent crude prices sharply higher early Wednesday. However, crude prices fell back on a bearish EIA inventory report. Losses in crude accelerated Wednesday afternoon on reports that the omicron Covid variant was found in the U.S. for the first time in California.
The OPEC+ Joint Technical Committee concluded their meeting on Wednesday with no recommendation for OPEC+ production policy. The markets will await Thursday's OPEC+ meeting to see if the group ditches their recent plan to boost crude production in January by +400,000 bpd.
Crude prices rose early Wednesday after some OPEC+ delegates said the group is leaning toward abandoning a crude output hike in January after the world's... Read more
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