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Barchart
Rich Asplund

Crude Prices Under Pressure on Ample Supplies and Energy Demand Concerns

Oil United States OPEC

July WTI crude oil (CLN24) today is down -0.95 (-1.28%), and July RBOB gasoline (RBN24) is up +0.54 (+0.23%).

Crude oil and gasoline prices today are mixed, with crude falling to a 3-3/4 month low.  A stronger dollar today is weighing on energy prices.  Crude is also under pressure on negative carryover from Sunday when OPEC+ rolled out a plan to restore some crude production in Q4, which sparked worries about a glut in global oil supplies.  In addition, signs of weakness in the US economy are bearish for energy demand and crude prices after the Apr JOLTS job openings fell more than expected to a 3-year low.  

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