Sep WTI crude oil (CLU24) on Friday closed down -2.79 (-3.66%), and Sep RBOB gasoline (RBU24) closed down -8.04 (-3.35%).
Crude oil and gasoline prices Friday plummeted to 2-month lows and closed sharply lower on concerns about US energy demand. Friday's US economic reports on Jul nonfarm payrolls and Jun factory orders were weaker than expected, showing the US economy is losing momentum. Also, Friday's selloff in the S&P 500 to an 8-week low undercuts confidence in the economic outlook and energy demand and is bearish for crude prices. Crude prices tumbled Friday despite the dollar index (DXY00) sinking to a 4-1/2 month low.
