Crude Oil WTI Futures Market News and Commentary
Jul WTI crude oil (CLN20) this morning is down -0.68 (-1.92%) at $34.81, Aug Brent crude oil (CBQ20) is down -0.18 (-0.46%) at $37.66, and Jul RBOB gasoline (RBN20) is down -0.0097 (-0.90%).
The energy complex this morning is weaker on an escalation of U.S./China tensions along with demand concerns on weaker-than-expected U.S. economic data. Crude oil prices saw underlying support from a weak dollar and reduced OPEC crude production.
Ramped-up U.S./China trade tensions may slow global economic growth and energy demand and are negative for energy prices. Tensions rose after Bloomberg reported today that Chinese government officials told state-run agricultural companies to pause their purchases of U.S. farm products, which could jeopardize the U.S./China phase-one trade deal. The potential halt in Chinese imports of U.S. farm goods comes after President Trump last Friday said the U.S. would begin the process of taking away some of Hong Kong's privileged trade status due... Read more