The crude market was up for the week but is down in early trading this morning. The major news moving markets this week were the news of sanctions from the US on a subsidiary of the Russian oil company, Rosneft. Also in the news, continued deterioration of the situation in Libya and lower oil output from the region have helped to draw market up this week. Continued concerns about the impact of the coronavirus on oil demand has tamped down the bulls, but the rumors of and actual Chinese economic stimulus have helped to buoy the markets.
Prices in Review
WTI Crude opened the week at $52.23. It followed a steady trend upward through this shortened holiday week. Crude opened Friday at $53.74, a gain of $1.51 (2.9%).
Diesel opened the week at $1.7027. It generally followed crude through mid-week and dipped down after inventory news. Diesel opened Friday at $1.6899, a loss of 1.3 cents (-0.8%).
Gasoline opened the week at $1.5888. It followed crude throughout the week. Gasoline opened Friday at $1.6596, a gain of 7.1 cents (4.5%).