Crude Oil WTI Futures Market News and Commentary
May WTI crude oil (CLK20) on Friday closed up +3.02 (+11.93%), Jun Brent crude oil (CBM20) closed up +4.17 (+14.20%), and May RBOB gasoline (RBK20) closed up +0.0288 (+4.35%).
The energy complex on Friday rallied sharply with WTI crude at a 2-1/2 week high and RBOB gasoline at a 2-week high. Crude prices on Friday surged for a second day on hopes for a coordinated cut in crude production from OPEC and its allies. OPEC+ has scheduled a virtual meeting on Monday, and according to an OPEC delegate, a global cut in crude production of 10 million bpd is a realistic goal.
Crude prices also found support on comments from representatives from several Russian oil companies who said that Russia's oil industry is ready to agree to crude production cuts, together with Saudi Arabia and other producers.
Crude prices extended their gains Friday after Russian President Putin, who met with Russian oil executives Friday, said oil producing countries should join together to slash... Read more