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Barchart
Barchart
Rich Asplund

Global Trade Tensions Weigh on Crude Prices

Oil United States OPEC China Canada

April WTI crude oil (CLJ25) today is down -0.78 (-1.14%), and April RBOB gasoline (RBJ25) is down -0.0155 (-0.71%).

Crude oil and gasoline prices today extended Monday's losses, with crude falling to a 2-3/4 month low.  Crude prices are under pressure today due to concerns that escalating global trade tensions will reduce economic growth and dampen energy demand after Canada and China retaliated against US tariffs with tariffs of their own on US goods.  Crude also has some negative carryover from Monday, when OPEC+ said it would restart some halted crude production in April.  In addition, today's slump in the S&P 500 to a 4-month low reduces confidence in the economic outlook and energy demand.  Crude prices have underlying support from the decline in the dollar index to a 2-3/4 month low.

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