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Rich Asplund

Crude Prices Finish Sharply Lower on Fears of a Global Oil Glut

Oil Donald Trump United States Iran OPEC China Vortexa

June WTI crude oil (CLM25) Thursday closed down -1.53 (-2.42%) and June RBOB gasoline (RBM25) closed down -0.0356 (-1.64%).

Crude oil and gasoline prices fell sharply Thursday after President Trump said the US and Iran are getting closer to a nuclear deal, which could ease sanctions on Iranian crude exports and boost global oil supplies. Also, Thursday's projection from the International Energy Agency (IEA) that global oil demand growth will slow for the rest of this year is weighing on crude prices. Thursday's weaker dollar limited the downside for crude prices.

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