Crude Oil Brent Futures Market News and Commentary
Aug WTI crude oil (CLQ22) on Friday closed up +2.67 (+2.52%), and Aug RBOB gasoline (RBQ22) closed up +15.15 (+4.28%).
Crude oil and gasoline prices Friday moved moderately higher on global supply concerns due to export disruptions in Libya. Also, crude prices rose on expectations for a record amount of U.S. drivers to take the road this July 4 holiday weekend. Crude pushed higher Friday despite a rally in the dollar index to a 2-week high and weaker-than-expected U.S. economic data on May construction spending and Jun ISM manufacturing activity.
A bullish factor for crude is reduced crude supplies from Libya after the country's state oil company Wednesday said it suspended crude exports from two of its ports, declaring force majeure at Es Sider and Ras Lanuf, Libya's largest and third-biggest crude export terminals. On Monday, Libya said that it might suspend crude exports and declare force majeure for crude from the Gulf of Sirte, which contains many of the countr... Read more