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Barchart
Barchart
Rich Asplund

Economic Concerns Undercut Crude Prices

July WTI crude oil (CLN24) today is down -0.79 (-1.01%), and July RBOB gasoline (RBN24) is up +0.61 Z(+0.25%).

Crude oil prices today are being undercut by demand concerns after the slightly weaker-than-expected US personal spending report.  Crude oil prices are also being undercut by today's weakness in the US stock market, which undercuts the economic outlook. Crude oil prices are also seeing carry-over weakness from Thursday's weekly EIA report, which showed an unexpected build in US oil inventories.  Crude oil prices have underlying support from today's weakness in the dollar.

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