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Barchart
Rich Asplund

Crude Prices Slip on Energy Demand Concerns as US Consumer Sentiment Declines

Oil United States University of Michigan Iran Israel

Nov WTI crude oil (CLX24) Friday closed down -0.29 (-0.38%), and Nov RBOB gasoline (RBX24) closed up +0.07 (+0.03%).

Crude oil and gasoline prices Friday gave up early gains and settled mixed.  Fuel demand concerns weighed on crude Friday after the University of Michigan US Oct consumer sentiment index unexpectedly fell -1.2 to 68.9, weaker than expectations of an increase to 71.0.  Crude prices on Friday initially posted modest gains due to a weaker dollar and a rally in the S&P 500 to a new record high, which shows confidence in the economic outlook that is supportive of energy demand and crude prices.  In addition, heightened Middle East tensions are underpinning crude prices on concern an escalation of hostilities could lead to a disruption of the region's crude supplies.  

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