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Rich Asplund

Crude Prices Fall Sharply as Demand Concerns Grow

Oil United States Donald Trump OPEC Economic Growth Hamas Vortexa

May WTI crude oil (CLK25) Thursday closed down -2.07 (-3.32%), and May RBOB gasoline (RBK25) closed down -0.0771 (-3.78%).

Crude oil and gasoline prices on Thursday fell sharply because of concerns that the US trade war would slow economic growth and energy demand. Also, Thursday's stock selloff reduced confidence in the economic outlook and energy demand. Crude prices also have a negative carryover from last Thursday when OPEC+ said it would boost crude production in May. Crude saw some underlying support as the dollar index (DXY00) tumbled to a 6-1/4 month low.

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