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Barchart
Rich Asplund

Crude Prices Under Pressure on Risk Asset Aversion

Oil OPEC United States Hamas

Sep WTI crude oil (CLU24) today is down -0.66 (-0.90%), and Sep RBOB gasoline (RBU24) is down -0.91 (-0.39%).

Crude oil and gasoline prices today are under pressure, with crude posting a 6-month nearest-futures low and gasoline posting a 5-month low.  Today's slump in global equity markets has sparked long liquidation of risk assets and is undercutting energy prices.  Also, today's selloff in the S&P 500 to a 3-month low undercuts confidence in the economic outlook and energy demand and is bearish for crude prices.  Losses in crude oil are limited by today's fall in the dollar index (DXY00) to a 6-3/4 month low.  Also, concern about the escalation of conflict in the Middle East that could disrupt the region's crude supplies is supportive for crude prices after Iran threatened to retaliate against Israel for last week's assassination of a Hamas leader in Tehran.

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