August WTI crude oil (CLQ25) on Monday closed down -1.47 (-2.15%), and August RBOB gasoline (RBQ25) closed down -0.0216 (-0.99%).
Crude oil and gasoline prices today fell from 3-week highs and fell sharply on speculation that President Trump's tariff policies will slow global economic growth and energy demand. Also, Monday's rally in the dollar index (DXY00) to a 2.5-week high is bearish for energy prices. Losses in crude accelerated Monday after President Trump said the Senate sanctions bill that would levy 500% tariffs on China and India if they make any purchases of Russian energy was "not necessary." Instead, Mr. Trump announced a 50-day wait period to see if Russia would agree to a ceasefire in Ukraine, which signals Russian crude exports will continue to flow.
