May WTI crude oil (CLK25) today is down -0.10 (-0.14%), and May RBOB gasoline (RBK25) is up +0.0023 (+0.10%).Crude oil prices today fell from a 3-week high and turned lower after Russia said it agreed to a ban on striking Ukrainian energy assets. Crude prices were also undercut by today's weaker-than-expected US economic news on Mar consumer confidence and Feb new home sales. Crude prices today initially moved higher on a weaker dollar and carryover support from Monday when President Trump announced a 25% secondary tariff on countries that purchase oil or gas from Venezuela, effective April 2. Crude is also supported by today's rally in the S&P 500 to a 2-week high, which shows confidence in the economic outlook that supports energy demand.
Today's US economic news was weaker than expected, a bearish factor for energy demand and crude prices. Feb new home sales rose +1.8% m/m to 676,000, weaker than expectations of 680,000. Also, the Conference Board's Mar consumer confidence index fell -7.2 to a 4-year low of 92.9, weaker than expectations of 94.0. In addition, the Mar Richmond Fed manufacturing survey of current conditions fell -10 to -4, weaker than expectations of 1.
