June WTI crude oil (CLM24) on Friday closed down -0.84 (-1.06%), and June RBOB gasoline (RBM24) closed down -4.14 (-1.59%).
Crude oil and gasoline prices Friday were under pressure the entire day and posted 1-1/2 month lows. Improved prospects for a cease-fire in the Israeli-Hamas war have curbed geopolitical risks in the Middle East and undercut crude prices. Also, US energy demand concerns are negative for crude due to Friday's weaker-than-expected economic reports on Apr nonfarm payrolls and the Apr ISM services index. Limiting losses in crude was Friday's fall in the dollar index (DXY00), which fell to a 3-week low.
