August WTI crude oil (CLQ25) on Tuesday closed down -0.99 (-1.47%), and August RBOB gasoline (RBQ25) closed down -0.0300 (-1.41%).
Crude oil and gasoline retreated for a second session Tuesday, with gasoline dropping to a 2-week low. Crude oil prices are being undercut by concern that President Trump's tariff policies will lead to slower global economic growth and reduced energy demand. President Trump recently said that reciprocal tariffs will increase on August 1 for countries that have not clinched trade deals with the US. Tuesday's slide in the dollar index (DXY00) to a 1.5-week low helped to limit losses in crude oil prices.
