Crude Oil WTI Futures Market News and Commentary
January WTI crude oil (CLF24) on Wednesday closed up +1.45 (+1.90%), and Jan RBOB gasoline (RBF24) closed up +0.0547 (+2.49%).
Crude oil and gasoline prices Wednesday posted moderate gains, with crude climbing to a 1-week high and gasoline climbing to a 2-week high. Crude has support on signs of U.S. economic strength after U.S. Q3 GDP expanded more than expected. Also, short covering ahead of Thursday's OPEC+ meeting is lifting crude prices. Crude prices rallied Wednesday despite a stronger dollar and a bearish EIA inventory report.
Wednesday's global economic news was stronger than expected and bullish for energy demand and crude prices. U.S. Q3 GDP was revised upward by +0.3 to +5.2% (q/q annualized), stronger than expectations of +5.0%. Also, Eurozone Nov economic confidence rose +0.3 to a 4-month high of 93.8, stronger than expectations of 93.6.
A rift among OPEC+ members regarding crude production levels has delayed the group's monthly meeting until Thu... Read more