Crude Oil WTI Futures Market News and Commentary
June WTI crude oil (CLM22) on Tuesday closed down -1.80 (-1.58%), and June RBOB gasoline (RBM22) closed down -8.12 (-2.02%).
Crude oil and gasoline prices on Tuesday gave up early gains and closed moderately lower. Crude prices retreated on a report that said that the U.S. government is moving to promote dialog with Venezuela, which may lead to the removal of sanctions that allows Venezuelan crude exports to resume. Crude prices Tuesday initially moved higher, with crude posting a 1-3/4 month high. A fall in the dollar index to a 1-week low Tuesday is bullish for energy prices. Also, better-than-expected global economic data Tuesday shows strength in energy demand.
Crude prices fell back Tuesday after the Biden administration said it will calibrate its sanctions policy in a bid to promote dialog with Venezuela, which may lead to the eventual return of some Venezuelan crude oil into the global market.
Crude prices Tuesday were also under pressure after Reuters... Read more