July WTI crude oil (CLN24) Thursday closed down -1.32 (-1.67%), and July RBOB gasoline (RBN24) closed down -5.64 (-2.29%).
Crude oil and gasoline prices Thursday closed moderately lower. Concern that interest rates will stay higher for longer sparked risk-off sentiment in financial assets on Thursday and undercut crude prices. Also, Thursday's decline in the S&P 500 to a 2-week low undercuts confidence in the economic outlook and is bearish for energy demand and crude prices. Crude prices retreated Thursday despite a weaker dollar, and after weekly EIA crude inventories fell more than expected.
