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Barchart
Rich Asplund

Crude Prices Slip as Geopolitical Tensions Ease

Oil Hamas United States Israel OPEC

June WTI crude oil (CLM24) this morning is down -0.40 (-0.51%), and June RBOB gasoline (RBM24) is down -3.06 (-1.18%).

Crude oil and gasoline prices this morning are moderately lower and dropped to 1-1/2 month lows.   Improved prospects for a cease-fire in the Israeli-Hamas war have curbed geopolitical risks in the Middle East and are weighing on crude prices.  Also, US energy demand concerns are negative for crude due to today's weaker-than-expected economic reports on Apr nonfarm payrolls and the Apr ISM services index.  Losses in crude are contained after the dollar index (DXY00) fell to a 3-week low today.  

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