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Barchart
Rich Asplund

Crude Prices Relinquish Early Gains on Chinese Economic Concerns

Oil crude oil United States China Russia Bundesbank Iran Vortexa

September WTI crude oil (CLU23) on Monday closed -0.53 (-0.65%), and Sep RBOB gasoline (RBU23) closed down -4.06 (-1.79%).

Crude oil and gasoline prices Monday gave up an early advance and closed moderately lower, with gasoline falling to a 1-1/2 week low.  Economic malaise in China, the world’s second-largest crude consumer, threatens to curb its energy demand and is bearish for prices.  Losses were contained by tightness in global crude supplies.  Also, a weaker dollar Monday was bullish for energy prices.

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