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Barchart
Rich Asplund

Crude Prices Slip on Concern About a Large OPEC+ Crude Production Increase

Oil OPEC United States Donald Trump China Vortexa

July WTI crude oil (CLN25) today is down -0.55 (-0.90%), and July RBOB gasoline (RBN25) is down -0.0262 (-1.29%).

Crude oil and gasoline prices today fell to 3-week lows.  Dollar strength today is weighing on crude prices along with rising trade tensions between the US and China, the world's two largest crude consumers.  Crude prices also came under pressure today after Reuters reported that OPEC+ is considering a July increase in crude production of more than an earlier projected +411,000 bpd.  Losses in crude are limited after Libya threatened to shut down its oil production and exports after a militia group stormed the country's state oil headquarters.

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