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Barchart
Barchart
Rich Asplund

Crude Gives up Early Gains as US Consumer Sentiment Unexpectedly Falls

August WTI crude oil (CLQ24) Friday closed down -0.41 (-0.50%), and Aug RBOB gasoline (RBQ24) closed down -0.25 (-0.10%).

Crude oil and gasoline prices Friday gave up an early advance and closed moderately lower.  Crude prices gave up an early rally Friday and turned lower after the US July consumer sentiment index unexpectedly fell to an 8-month low, a negative factor for economic growth and energy demand.  Crude prices Friday initially moved higher after the dollar index (DXY00) fell to a 5-week low.  Crude also has carryover support from Wednesday when the EIA reported that weekly US crude inventories unexpectedly declined.  

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