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Barchart
Barchart
Rich Asplund

Crude Oil Prices Continue to Fall on Economic Gloom

Oil United States eurozone EIA

August WTI crude oil (CLQ23) today is down -1.05 (-1.51%), and Aug RBOB gasoline (RBQ23) is down -0.533 (-2.16%).

Crude oil and gasoline prices today have extended Thursday's sell-off on economic gloom driven by today's weak U.S. and Eurozone purchasing manager index reports.  The preliminary-June S&P U.S. PMI fell by -2.1 points to a 6-month low of 46.3, weaker than expectations for a +0.1 point increase to 48.5.  Meanwhile, the preliminary-June S&P Eurozone composite PMI fell by -2.5 points to a 5-month low of 50.3, much weaker than market expectations of 52.5.

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