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Barchart
Barchart
Rich Asplund

Concerns About Waning Global Energy Demand Pressure Crude Prices

Oil OPEC United States Donald Trump

August WTI crude oil (CLQ25) today is down -1.35 (-1.97%), and August RBOB gasoline (RBQ25) is down -0.0361 (-1.65%).

Crude oil and gasoline prices today are sharply lower.  Today's rally in the dollar index (DXY00) to a 2-week high is pressuring most commodity prices, including crude.  Also, a report today from Bloomberg stating that OPEC+ is discussing a pause in its oil production increases from October is fueling concerns about a slowdown in energy demand.  In addition, the intensification of US tariffs risks slowing global economic growth and energy demand after President Trump ramped up tariffs on numerous countries this week, including a 50% tariff on Brazil.

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