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Barchart
Barchart
Rich Asplund

Crude Prices Close Lower on Doubts About OPEC+ Crude Production Cuts

OPEC Oil Pedro United States Angola

January WTI crude oil (CLF24) on Monday closed down -1.03 (-1.39%), and Jan RBOB gasoline (RBF24) closed up +0.0210 (+0.99%).

Crude oil and gasoline prices on Monday settled mixed, with crude falling to a 2-week low.  Monday's rally in the dollar index to a 1-week high was bearish for energy prices.  Crude oil was also under pressure on negative carryover from last Thursday when 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.

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