June WTI crude oil (CLM25) today is down -0.45 (-0.76%), and June RBOB gasoline (RBM25) is down -0.0319 (-1.55%).
Crude oil and gasoline prices today gave up an early advance and turned lower due to the dollar's strength. Crude prices today initially moved higher in hopes of easing trade tensions after the US and China agreed to meet for trade talks this weekend. Also, today's action by the PBOC to cut interest rates and the reserve requirement ratio for banks was supportive of economic growth and energy demand in China, the world's second-largest crude consumer. Today's weekly EIA inventory report was mixed as crude inventories fell more than expected, but gasoline supplies unexpectedly rose.
