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Barchart
Rich Asplund

Crude Prices Slip on Fading Risk Premium and Energy Demand Concerns

Oil United States Iran Israel OPEC

Sep WTI crude oil (CLU24) on Friday closed down -1.51 (-1.93%), and Sep RBOB gasoline (RBU24) closed down -4.78 (-2.03%).

Crude oil and gasoline prices dropped to 1-week lows on Friday.  A lack of retaliation thus far by Iran against Israel has taken some of the risk premium out of crude prices.  Crude prices were also pressured Friday by the weak US July housing starts report, which was negative for the energy demand outlook.  The weaker dollar Friday was a supportive factor for energy prices.  

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