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Rich Asplund

Crude Prices Settle Lower on Ample Supplies and Energy Demand Concerns

Oil crude oil OPEC United States EIA

July WTI crude oil (CLN24) Tuesday closed down -0.97 (-1.31%), and July RBOB gasoline (RBN24) closed up +1.39 (+0.60%).

Crude oil and gasoline prices on Tuesday settled mixed, with crude falling to a 3-3/4 month low.  Crude is under pressure on negative carryover from Sunday when OPEC+ rolled out a plan to restore some crude production in Q4, which sparked worries about a glut in global oil supplies.  Also, signs of weakness in the US economy are bearish for energy demand and crude prices after the Apr JOLTS job openings fell more than expected to a 3-year low.  Crude prices recovered from their worst levels, and gasoline pushed into positive territory on Tuesday after the dollar index (DXY00) fell to an 8-week low.  

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