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Rich Asplund

Crude Prices Pressured as US Vows Retaliatory Tariffs on China

Oil United States China Donald Trump OPEC EIA Hamas Vortexa

May WTI crude oil (CLK25) Tuesday closed down -1.12 (-1.85%), and May RBOB gasoline (RBK25) closed down -0.0287 (-1.42%).

On Tuesday, crude oil and gasoline prices settled moderately lower but remained above Monday's significant lows. On Monday, crude prices plummeted to a 4-year low due to concern that the global trade war could escalate and derail economic growth and energy demand. President Trump said Tuesday that the US is going forward with 50% tariffs on China if it refuses to rescind tariffs imposed on US goods by midnight.

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