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Rich Asplund

Crude Oil Post Moderate Losses on Reduced Demand for Risk Assets

Oil OPEC United States Hamas

Sep WTI crude oil (CLU24) on Monday closed down -0.58 (-0.79%), and Sep RBOB gasoline (RBU24) closed up +1.60 (+0.69%).

Crude oil and gasoline prices Monday were under pressure, as crude posted a 6-month nearest-futures low and gasoline posted a 5-month low.  Monday's slump in global equity markets sparked long liquidation of risk assets and undercut energy prices.  Also, Monday's selloff in the S&P 500 to a 3-month low undercuts confidence in the economic outlook and energy demand and is bearish for crude prices.  

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