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Barchart
Rich Asplund

Crude Oil Prices Retreat on Signs of Weaker Global Energy Demand

Oil OPEC United States Donald Trump Russia Iran Ukraine

June WTI crude oil (CLM26) on Thursday closed down -1.81 (-1.69%), and June RBOB gasoline (RBM26) closed up +0.0228 (+0.63%).  Crude oil and gasoline prices settled mixed on Thursday, with gasoline soaring to a 3.75-year high.  Crude oil gave up an early advance and fell sharply on Thursday amid concerns that higher energy prices are starting to curb demand and global economic growth.  

Signs that high oil prices are beginning to curb energy demand and global economic growth sparked long liquidation in crude oil on Thursday.   US Q1 GDP rose +2.0% (q/q annualized), weaker than expectations of +2.3%.  Also, Eurozone Q1 GDP rose +0.1% q/q and +0.8% y/y, weaker than expectations of +0.2% m/m and +0.9% y/y.

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