On November 11, international crude oil futures closed higher. The settlement price for the December contract of U.S. WTI crude oil was $86.53 per barrel, an increase of $0.49, or 0.6%. The settlement price for the January contract of Brent crude oil was $92.76 per barrel, an increase of $1.27, or 1.4%.
The rise in international crude oil futures—with the U.S. WTI December contract up 0.6% and the Brent January contract up 1.4%—provides positive support for both crude oil spot prices and domestic futures prices, serving as a moderately bullish factor.
Asphalt is a downstream refined product of crude oil; an increase in international crude oil prices raises production costs, providing moderate cost-based support for both spot and futures prices of asphalt—a generally bullish development.
Gasoline is a direct downstream product of crude oil. Rising international crude oil prices push up its production costs, offering moderate positive support for gasoline spot prices—a generally bullish factor.
Diesel is also a direct downstream product of crude oil. An increase in international crude oil prices raises its production costs, providing moderate positive support for diesel spot prices—a generally bullish factor.
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