August WTI crude oil (CLQ25) today is down -0.27 (-0.40%), and August RBOB gasoline (RBQ25) is down -0.0194 (-0.90%).
Crude oil and gasoline prices are under pressure today, with gasoline falling to a 2-week low. The outlook for larger crude exports from Iraq may boost global oil supplies and is weighing on prices. Expectations for increased Iraqi crude exports may also prompt Saudi Arabia to boost its crude exports in order to maintain its market share, further exacerbating a global oil supply glut. Losses in crude are limited due to a weaker dollar and today's rally in the S&P 500 to a new all-time high, which shows confidence in the economic outlook that is bullish for energy demand.
