August WTI crude oil (CLQ25) on Thursday closed down -1.81 (-2.65%), and August RBOB gasoline (RBQ25) closed down -0.0355 (-1.62%).
Crude oil and gasoline prices on Thursday settled sharply lower. Thursday's rally in the dollar index (DXY00) to a 2-week high pressured most commodity prices, including crude. Also, a report from Bloomberg on Thursday stating that OPEC+ is discussing a pause in its oil production increases from October is fueling concerns about a slowdown in global energy demand. In addition, the intensification of US tariffs risks slowing global economic growth and energy demand after President Trump ramped up tariffs on numerous countries this week, including a 50% tariff on Brazil.
