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Rich Asplund

Crude Prices Edge Lower on Hopes for an Israel-Hamas Cease-Fire

Oil Hamas Israel United States China EIA Iran OPEC

Sep WTI crude oil (CLU24) Tuesday closed down -0.33 (-0.44%), and Sep RBOB gasoline (RBU24) closed down -0.75 (-0.33%).

Crude oil and gasoline prices Tuesday fell moderately, with crude posting a 1-1/2 week low and gasoline falling to a 6-1/2 month low. Hopes for a cease-fire deal between Israel and Hamas took some risk premium out of crude prices. Also, energy demand concerns in China are undercutting crude prices. Losses in crude were limited Tuesday after the dollar index tumbled to a 7-1/2 month low.

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