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Rich Asplund

US-China Trade Tensions and Fears of a Big OPEC+ Production Hike Weigh on Crude

Oil OPEC United States China Donald Trump Vortexa

July WTI crude oil (CLN25) Friday closed down -0.15 (-0.25%), and July RBOB gasoline (RBN25) closed down -0.0221 (-1.08%).

Crude oil and gasoline prices today fell to 3-week lows. Dollar strength Friday weighed on crude prices along with the escalation of trade tensions between the US and China, the world's two largest crude consumers. Crude prices also came under pressure Friday after Reuters reported that OPEC+ is considering a July increase in crude production of more than an earlier projected +411,000 bpd.

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