February WTI crude oil (CLG26) on Thursday closed up +1.77 (+3.16%), and February RBOB gasoline (RBG26) closed up +0.0658 (+3.88%). Crude oil and gasoline prices rallied sharply on Thursday, with gasoline posting a 1.5-week high.   Crude prices rose as Thursday's better-than-expected US economic news showed strength in energy demand.  Also, the upcoming annual rebalancing of commodity indexes will see buying of oil contracts, a bullish factor for crude.  Thursday's rally in the dollar index (DXY00) to a 4 ...

February WTI crude oil (CLG26) today is closed down -0.81 (-1.42%), and February RBOB gasoline (RBG26) is down -0.007 (-0.04%). Crude oil and gasoline prices are under pressure today, with crude falling to a 2-week low.  Crude prices tumbled today after the US lifted sanctions on Venezuelan crude exports and President Trump said  Venezuela's interim authorities agreed to give up as many as 50 million bbl of "high-quality sanctioned oil" to the US. More News from Barchart Crude prices recovered from t ...

Core Insights - Crude oil and gasoline prices increased on Friday due to a weaker dollar and short covering in energy futures, alongside a rally in the S&P 500 indicating confidence in economic outlook supporting energy demand [2][1] - Concerns over a global supply glut limit gains in crude prices as OPEC+ plans to increase production levels [2][3] Production and Supply Dynamics - OPEC+ is expected to discuss fast-tracking supply hikes of approximately 500,000 barrels per day (bpd) starting in November, aiming to reverse a 2-year production cut and restore a total of 2.2 million bpd [3][4] - OPEC's September crude production rose by 400,000 bpd to 29.05 million bpd, marking the highest level in 2.5 years [3] Market Outlook - The International Energy Agency (IEA) projects a record global oil market surplus of 3.33 million bpd next year, which is 360,000 bpd higher than previous estimates, driven by OPEC+ reviving production [4] - Iraq's agreement to resume oil exports from the Kurdish region could add 500,000 bpd to global supplies, further pressuring crude prices [5] Demand Factors - Reduced crude demand from India, the world's third-largest crude oil importer, is negative for oil prices, with August imports falling by 2.9% year-on-year to 19.6 million metric tons [6] - An increase in crude oil stored on stationary tankers rose by 3.7% week-on-week to 81.95 million barrels, indicating bearish sentiment for oil prices [6]