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Barchart

Rich Asplund

Crude Prices Slip on Chinese Fuel Demand Concerns

Oil United Nations EIA United States Hezbollah

Oct WTI crude oil (CLV24) today is down -0.44 (-0.62%), and Oct RBOB gasoline (RBV24) is down -0.38 (-0.19%).

Crude oil and gasoline prices today are moderately lower. Crude is under pressure today on concerns about Chinese energy demand after two Chinese refiners run by Sinochem Group declared bankruptcy due to lackluster demand and poor refining margins. Crude has support on concerns of escalation of hostilities in the Middle East after Lebanon accused Israel of orchestrating an attack that killed several people and wounded nearly 3,000 when their pagers exploded. Crude prices also found support on today's bullish weekly EIA report.

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