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Rich Asplund

Crude Prices Fall as Fed Rate Hike Fears Spark Risk Aversion

Oil US Federal Reserve United States EIA OPEC

August WTI crude oil (CLQ23) this morning is down -0.76 (-1.06%), and Aug RBOB gasoline (RBQ23) is down -0.77 (-0.31%).

Crude oil and gasoline prices this morning gave up early gains and are moderately lower, with crude falling from a 2-week high. A rally in the dollar index (DXY00) today to a 3-week high is undercutting energy prices. Also, today's sell-off in global equity markets has reduced confidence in the economic outlook and sparked aversion to risk assets, such as commodities and stocks. Crude prices remained lower after weekly EIA crude inventories fell less than expected.

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