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Barchart
Rich Asplund

Crude Prices Undercut by Chinese Energy Demand Concerns

Oil United States China Donald Trump OPEC

August WTI crude oil (CLQ24) today is down -0.20 (-0.24%), and Aug RBOB gasoline (RBQ24) is down -2.44 (-0.97%).

Crude oil and gasoline prices today are under pressure, with gasoline falling to a 4-week low.   Weak economic news from China, the world's second-largest crude consumer, is weighing on crude prices today.  Also, improved prospects for Donald Trump to win the US presidential election in November are weighing on oil prices due to the expectation that Trump would pursue pro-US drilling policies if elected.  In addition, today's rally in the S&P 500 to a new record high shows confidence in the US economic outlook that is bullish for energy demand and crude prices.  A weaker dollar today is limiting the downside in crude prices.  

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