Crude Oil WTI Futures Market News and Commentary
Mar WTI crude oil (CLH23) on Tuesday closed up +0.97 (+1.25%), and Mar RBOB gasoline (RBH23) closed up +6.10 (+2.43%).
Crude oil and gasoline prices Tuesday recovered from early losses and closed moderately higher. Crude rebounded from a 3-week low Tuesday after the dollar (DXY00) weakened. Also, signs of more robust global energy demand were bullish for crude prices after the IMF boosted its 2023 global GDP forecast on Tuesday. However, a bearish factor for crude is concern that the actions by global central banks this week to raise interest rates will slow economic growth and energy demand.
Crude prices garnered support Tuesday after the International Monetary Fund (IMF) revised its 2023 GDP estimate up by +0.2 to 2.9% from a 2.7% estimate in October, citing resilient U.S. consumer spending and China's reopening.
An unexpected expansion in the Eurozone economy last quarter shows stronger energy demand and is bullish for crude prices. Tuesday's news showed E... Read more