METC - Crude oil extends quarterly winning streak to six; fundamentals still look good

Crude futures finished higher on the day and the week, as oil and other energy commodities are in high demand around the world while supplies are strained. Traders also are weighing possible outcomes for Monday's expected decision by OPEC+ on crude production levels, with reports that the group is considering additional increases. November WTI (CL1:COM) closed +1.1% to settle at $75.88/bbl, the highest front-month contract since October 2018, rising 2.6% for the week. For the third quarter, WTI ended a mere 2.1% higher, but it was enough to keep its quarterly winning streak alive at six, the longest such streak since 2008. WTI has climbed 266% over the six quarters - some of it expected after the pandemic caused demand and prices to dry up, but few predicted prices would continue to soar into 2021, which analysts largely attribute to U.S., OPEC and other producers holding back production. Energy (NYSEARCA:XLE)

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Crude oil extends quarterly winning streak to six; fundamentals still look good