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Barchart
Barchart
Rich Asplund

Crude Oil Prices Plunge on Energy Demand Concerns and Rising OPEC+ Production

Oil OPEC Donald Trump United States Vladimir Putin China Hamas Vortexa

May WTI crude oil (CLK25) Thursday closed down -4.76 (-6.64%), and May RBOB gasoline (RBK25) closed down -0.1667 (-7.15%).

Crude oil and gasoline prices plunged to 3-week lows on Thursday due to concern that President Trump’s harsher-than-expected reciprocal tariffs would ignite a trade war that derails the global economy and energy demand.  Crude also fell as Thursday’s sell-off in the S&P 500 to a 6-1/2 month low undercut confidence in the economic outlook and energy demand.  Losses in crude accelerated Thursday after OPEC+ said it would increase crude production faster than previously announced.  Crude prices plummeted Thursday despite a slide in the dollar index (DXY00) to a 6-month low.  

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