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Barchart

Rich Asplund

Crude Prices Slip Alongside Equity Prices

Oil Iran Israel United States OPEC

May WTI crude oil (CLK24) this morning is down -0.81 (-0.94%), and May RBOB gasoline (RBK24) is down -0.28 (-0.10%).

Crude and gasoline prices this morning are moderately lower. The weakness in equity markets today is undercutting confidence in the economic outlook, which is negative for energy demand and crude prices. Also, an easing of geopolitical risks in the Middle East is weighing on crude prices after a senior commander in Iran's Revolutionary Guard said Iran won't block the Strait of Hormuz amid rising tensions with Israel.

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