November WTI crude oil (CLX25) on Friday closed down -2.61 (-4.24%), and November RBOB gasoline (RBX25) closed down -0.0622 (-3.30%).
Crude oil and gasoline prices sold off sharply on Friday, with crude falling to a 5-month nearest-futures low and gasoline sinking to a 4.5-year low. Crude prices plunged on Friday after stocks sold off on renewed trade tensions with China when President Trump threatened a “massive increase” of tariffs on Chinese goods, citing recent “hostile” export controls on rare-earth minerals. A protracted US-China trade war would weigh on global economic growth and energy demand and is bearish for crude prices.
