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Barchart

Rich Asplund

Crude Prices Fall Back With Stock Prices

Oil Israel Iran United States EIA OPEC

May WTI crude oil (CLK24) on Tuesday closed down -1.20 (-1.39%), and May RBOB gasoline (RBK24) closed up +0.70 (+0.25%).

Crude and gasoline prices on Tuesday settled mixed. Weakness in equity markets Tuesday undercut confidence in the economic outlook, which was bearish for energy demand and crude prices. Also, an easing of geopolitical risks in the Middle East weighed on crude prices after a senior commander in Iran's Revolutionary Guard said Iran won't block the Strait of Hormuz amid rising tensions with Israel.

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