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Barchart
Rich Asplund

Crude Relinquishes Early Gains on Energy Demand Concerns

Oil United States China OPEC

August WTI crude oil (CLQ23) on Monday closed -0.85 (-1.20%), and Aug RBOB gasoline (RBQ23) closed down -8.25 (-3.24%).

Crude oil and gasoline prices Monday gave up an early rally and closed moderately lower.    A stronger dollar Monday weighed on energy prices.  Also, energy demand concerns undercut oil prices after U.S. manufacturing activity last month unexpectedly contracted by the most in three years.   Crude prices Monday initially climbed to a 1-week high on Monday's action by Saudi Arabia to announce that it would extend its voluntary cut in its crude production through August.  

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