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Barchart
Rich Asplund

Crude Prices Plunge as Tariff Turmoil Threatens Global Energy Demand

Oil United States OPEC Donald Trump Vladimir Putin China Hamas Vortexa

May WTI crude oil (CLK25) today is down -4.66 (-6.96%), and May RBOB gasoline (RBK25) is down -0.1146 (-5.30%).

Crude oil and gasoline prices are sinking for the second day, with crude falling to a 4-year low and gasoline sliding to a 1-month low.  Tariff turmoil is undercutting energy prices after China today retaliated against US tariffs by imposing 34% tariffs on US goods, threatening to escalate the trade war that could derail the global economy and energy demand.  Also, a stronger dollar today is bearish for crude.  In addition, today's slump in the S&P 500 to an 11-month low undercuts confidence in the economic outlook and energy demand.   Crude also fell on negative carryover from Thursday when OPEC+ said it would increase crude production faster than previously announced.  

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