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Crude Oil Brent Nov '24 (CBX24)

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Crude Oil Brent Prices for [[ item.sessionDateDisplayLong ]]
Find the latest Crude Oil Brent prices and Crude Oil Brent futures quotes for all active contracts below.
[[ timeframe ]] futures price quotes as of Sat, Aug 24th, 2024.
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Crude Oil Brent Futures Market News and Commentary

Crude Rallies on Dollar Weakness and Dovish Powell Comments

Oct WTI crude oil (CLV24) Friday closed up +1.82 (+2.49%), and Oct RBOB gasoline (RBV24) closed up +3.93 (+1.89%).

Crude oil and gasoline prices settled sharply higher on Friday after the dollar index tumbled to a 13-month low.  Crude oil prices also rallied Friday on comments from Fed Chair Powell that the time has come to cut interest rates, which sparked a risk-on mood in asset markets.  In addition, Friday's stock rally showed confidence in the economic outlook, a supportive factor for energy demand.

Friday's US economic news was better than expected and supportive of crude after July new home sales rose +10.6% m/m to a 14-month high of 739,000, stronger than expectations of 623,000.

Concern about energy demand in China, the world's second-largest crude consumer, is bearish for oil prices.  China's steel production in July fell -9% y/y to 82.94 MMT, the lowest this year, which signals weak industrial and building demand and weakness in China's economy.

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