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Barchart
Barchart
Rich Asplund

Crude Prices Weaken as IEA Cuts its Global Crude Demand Forecast

Oil IEA United States Donald Trump International Energy Agency OPEC China Hamas Iran Vortexa

May WTI crude oil (CLK25) today is down -0.23 (-0.37%), and May RBOB gasoline (RBK25) is up +0.0033 (+0.16%).

Crude oil and gasoline prices today are mixed. Today’s stronger dollar is weighing on crude prices.   Also, today’s action by the International Energy Agency (IEA) to cut its global crude demand forecast is negative for prices. In addition, concerns the US-China trade war will worsen and undercut economic growth are weighing on crude prices after Bloomberg reported that China had ordered its airlines not to take any further deliveries of Boeing’s jets.  However, strength in stocks today shows confidence in the economic outlook and is a positive factor for energy demand and crude prices.

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