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Rich Asplund

Crude Oil Prices Plunge as Tariff Turmoil Threatens Global Energy Demand

Oil United States Donald Trump OPEC Vladimir Putin Hamas Vortexa

May WTI crude oil (CLK25) Friday closed down -4.96 (-7.41%), and May RBOB gasoline (RBK25) closed down -0.1098 (-5.07%).

Crude oil and gasoline prices on Friday sank for the second day, with crude falling to a 4-year low and gasoline sliding to a 1-month low.  Tariff turmoil undercut energy prices Friday after China retaliated against US tariffs by imposing 34% tariffs on US goods, escalating the global trade war that could derail the global economy and energy demand.  Also, a stronger dollar on Friday was bearish for crude.  In addition, Friday's slump in the S&P 500 to an 11-month low undercut confidence in the economic outlook and energy demand.   Crude also fell on negative carryover from Thursday when OPEC+ said it would increase crude production faster than previously announced.  

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