Crude Oil WTI Futures Market News and Commentary
January WTI crude oil (CLF24) on Thursday closed down -1.90 (-2.44%), and Jan RBOB gasoline (RBF24) closed down -0.0715 (-3.18%).
Crude oil and gasoline prices on Thursday gave up early gains and sold off sharply after OPEC+ said it would cut its crude production level by -1.0 million bpd but did not provide details on how the cuts would be implemented. A stronger dollar Thursday also weighed on crude prices.
On Thursday, OPEC+ agreed to cut crude production by -1.0 million bpd through June 2024. However, crude prices sold off on the news since no details were provided on how the cuts would be distributed among members nor how Russia's -300,000 bpd export cut would factor into the new totals. Delegates said the final details of the new accord, including national production levels, would be announced individually by each country rather than in the customary OPEC+ communique. The market is disappointed that the extra cuts in OPEC crude output will be announced by each... Read more