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Rich Asplund

Crude Prices Close Lower on Energy Demand Concerns

Oil United States OPEC EIA Hamas Iran

Sep WTI crude oil (CLU24) on Thursday closed down -1.60 (-2.05%), and Sep RBOB gasoline (RBU24) closed down -4.45 (-1.82%).

Crude oil and gasoline prices on Thursday fell back from 1-1/2 week highs and posted moderate losses on global energy demand concerns after the US Jul manufacturing index contracted by the most in 8 months and the China Jul Caixin manufacturing index contracted by the most in 9 months. A stronger dollar on Thursday was also bearish for energy prices. Losses in crude accelerated Thursday as the stock market retreated.

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