Crude Oil WTI Futures Market News and Commentary
Sep WTI crude oil (CLU22) on Tuesday closed down -2.88 (-3.22%), and Sep RBOB gasoline (RBU22) closed down -5.10 (-1.73%).
Oil prices on Tuesday fell sharply for a second day and posted a new 6-1/2 month nearest-futures low. Signs of progress toward a renewed nuclear deal with Iran weighed on crude prices Tuesday. Also, concerns that a slowdown in China's economy will curb energy demand weighed on energy prices.
Signs of progress in nuclear talks with Iran are negative for crude prices. The European Union said Tuesday that it views Iran's response to a proposed blueprint for reviving the 2015 nuclear deal as constructive, and it is consulting with the U.S. on a "way ahead" for protracted talks. An agreement with the U.S. over a nuclear deal could restore Iran's oil exports to global markets. ING Bank said today that the removal of oil sanctions on Iran could see it pump an additional 1.3 million bpd of crude oil.
Weakness in Chinese crude demand is bearish f... Read more