August WTI crude oil (CLQ25) on Monday closed down -0.14 (-0.21%), and August RBOB gasoline (RBQ25) closed down -0.0215 (-1.00%).
Crude oil and gasoline prices on Monday settled lower, with gasoline dropping 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 to maintain its market share, further exacerbating a global oil supply glut. Losses in crude were limited Monday due to a weaker dollar and the 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.
