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Rich Asplund

Crude Prices Slide on a Possible Russian Air Truce with Ukraine

Oil United States Russia Ukraine OPEC Donald Trump EIA

September WTI crude oil (CLU25) on Tuesday closed down -1.13 (-1.70%), and September RBOB gasoline (RBU25) closed down -0.0107 (-0.51%).

Crude oil and gasoline prices settled lower on Tuesday, with crude posting a 1-week low. Concerns about weakening energy demand weighed on crude prices after the US Jul ISM services index unexpectedly declined. Crude prices also have a negative carryover from Sunday when OPEC+ raised its crude production levels, stoking fears of a global supply glut. Losses in crude accelerated Tuesday on a Bloomberg report that said Russia may consider an air truce with Ukraine.

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