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Barchart
Barchart
Rich Asplund

Crude Oil Prices Fall Sharply on Hawkish Central Banks

Oil United States EIA China Natural Gas

August WTI crude oil (CLQ23) today is down -2.59 (-3.57%), and Aug RBOB gasoline (RBQ23) is down -0.0684 (-2.69%).  July natural gas (NGQ23) is down -0.032 (-1.23%).

Crude oil and gasoline prices are sharply lower on concern about the global economic outlook due to hawkish global central banks.  Fed Chair Powell today is delivering his second day of testimony and continues to warn of higher interest rates.  Also, there were +50 bp rate hikes today by central banks in the UK and Norway and a +25 bp rate hike by the Swiss central bank.

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