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Barchart
Barchart
Rich Asplund

Crude Prices Plummet on Energy Demand Concerns and Rising OPEC+ Production

Oil OPEC Donald Trump United States Vladimir Putin China Economy Hamas Vortexa

May WTI crude oil (CLK25) today is down -5.34 (-7.45%), and May RBOB gasoline (RBK25) is down +0.1820 (-7.80%).

Crude oil and gasoline prices today plunged to 3-week lows on concern that President Trump’s harsher-than-expected reciprocal tariffs will ignite a trade war that derails the global economy and energy demand.  Crude also fell as today’s sell-off in the S&P 500 to a 6-1/2 month low undercut confidence in the economic outlook and energy demand.  Losses in crude accelerated today after OPEC+ said it would increase crude production faster than previously announced.  Crude prices plummeted today despite a slide in the dollar index (DXY00) to a 6-month low.  

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