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Barchart
Barchart
Rich Asplund

Trade Tensions and Energy Demand Concerns Weigh on Crude Prices

Oil United States OPEC IEA Vortexa

April WTI crude oil (CLJ25) today is down -0.61 (-0.90%), and April RBOB gasoline (RBJ25) is up +0.0004 (+0.02%).

Crude oil prices are under pressure today from a stronger dollar.  Also, the possible escalation of US tariffs that could exacerbate trade tensions that lead to slower growth and energy demand are weighing on crude prices after President Trump threatened to enact a 200% tariff on European wine, champagne, and other alcoholic beverages if the EU doesn’t repeal a tax on US whiskey.  In addition, the action by the International Energy Agency (IEA) to cut its global crude demand forecasts for this year is bearish for crude prices.  Better than expected, global economic news today has limited losses in crude oil.

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