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Barchart
Barchart
Rich Asplund

Crude Prices Slump on OPEC+ Plans to Restore Crude Production

Oil OPEC United States

July WTI crude oil (CLN24) today is down -2.69 (-3.49%), and July RBOB gasoline (RBN24) is down -6.98 (-2.89%).

Crude oil and gasoline prices today fell sharply to 3-month lows.  Crude prices are falling after OPEC+ on Sunday unexpectedly rolled out a plan to restore some crude production in Q4.  Also, signs of weakness in the US economy are negative for energy demand and crude prices after the US ISM manufacturing and construction spending reports declined.  Crude prices are falling despite today's decline in the dollar index to a 2-week low.

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