Crude Oil WTI Futures Market News and Commentary
Jan WTI crude oil (CLF23) on Friday closed down -1.66 (-2.13%), and Jan RBOB gasoline (RBF23) closed down -12.01 (-5.02%).
Crude oil and gasoline prices Friday posted moderate losses. Chinese energy demand concerns weighed on crude prices after new Covid infections in China surged to a record, which may prompt the government to expand lockdowns and pandemic restrictions that curb economic activity, travel, and energy demand.
Chinese energy demand concerns continue to undercut crude prices. China reported a record 31,987 new Covid infections on Thursday, which may lead to extended pandemic lockdowns in China that curb economic growth and energy demand. Covid restrictions now cover 20% of China's economy, up from 15.6% last Monday, according to Nomura.
Friday's action by China to boost stimulus may revive economic growth and energy demand in China, the world's second-biggest economy, after the PBOC cut the reserve requirement ratio for most banks by 25 bp to 11.... Read more