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Barchart

Rich Asplund

Crude Prices Weighed Down by Energy Demand Concerns

Oil EIA United States Interest Rates OPEC

July WTI crude oil (CLN24) today is down -0.80 (-1.01%), and July RBOB gasoline (RBN24) is down -3.53 (-1.44%).

Crude oil and gasoline prices today are moderately lower. Concern that interest rates will stay higher for longer have sparked risk-off sentiment in financial assets and are undercutting crude prices. Also, today's decline in the S&P 500 undercuts confidence in the economic outlook and is bearish for energy demand and crude prices. Crude prices recovered from their worst levels after weekly EIA crude inventories fell more than expected. Also, dollar weakness today is supportive of crude prices.

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