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Barchart
Rich Asplund

Crude Prices Tumble on Signs of Weakness in Chinese Energy Demand

Oil China United States Iran Israel OPEC

Sep WTI crude oil (CLU24) on Monday closed down -2.28 (-2.97%), and Sep RBOB gasoline (RBU24) closed down -4.64 (-2.01%).

Crude oil and gasoline prices tumbled Monday, with crude posting a 1-1/2 week low and gasoline falling to a 5-1/2 month low.  Energy demand concerns in China are undercutting crude prices.  Also, a lack of retaliation thus far by Iran against Israel has taken some of the risk premium out of crude prices.  Crude Soloff Monday despite the fall in the dollar index (DXY00) to a 7-1/2 month low.  Also, Monday's rally in the S&P 500 to a 1-month high shows confidence in the economy that supports the energy demand outlook and crude prices.  

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