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Rich Asplund

Heightened Trade Tensions Weigh on Crude Oil Prices

Oil Donald Trump United States OPEC Economic Growth

August WTI crude oil (CLQ25) today is down -1.11 (-1.62%), and August RBOB gasoline (RBQ25) is down -0.0284 (-1.30%).

Crude oil and gasoline prices today fell from 3-week highs and turned lower on speculation that President Trump's tariff policies will slow global economic growth and energy demand. Also, today's rally in the dollar index (DXY00) to a 2.5-week high is bearish for energy prices. Crude prices today initially moved higher on concern that President Trump later today might announce new sanctions on Russian energy exports, which could curb global oil supplies.

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