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Barchart
Rich Asplund

Crude Prices Settle Lower on Chinese Energy Demand Concerns

Oil United States OPEC China Donald Trump

August WTI crude oil (CLQ24) on Monday closed down -0.30 (-0.36%), and Aug RBOB gasoline (RBQ24) closed down -2.37 (-0.94%).

Crude oil and gasoline prices Monday were under pressure, with gasoline falling to a 4-week low.   Weak economic news from China, the world's second-largest crude consumer, weighed on crude prices Monday.  Also, improved prospects for Donald Trump to win the US presidential election in November weighed on oil prices due to the expectation that Trump would pursue pro-US drilling policies if elected.  In addition, Monday's rally in the S&P 500 to a new record high shows confidence in the US economic outlook that is bullish for energy demand and crude prices.

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