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Barchart
Rich Asplund

Crude Prices Fall Sharply on OPEC+ Plans to Restore Crude Production

Oil OPEC United States

July WTI crude oil (CLN24) on Monday closed down -2.77 (-3.60%), and July RBOB gasoline (RBN24) closed down -8.18 (-3.39%).

Crude oil and gasoline prices tumbled to 3-month lows on Monday.  Crude prices retreated after OPEC+ on Sunday unexpectedly rolled out a plan to restore some crude production in Q4.  Also, signs of weakness in the US economy were negative for energy demand and crude prices after the US ISM manufacturing and construction spending reports declined.  Crude prices fell despite Monday's decline in the dollar index to a 2-week low.

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