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Crude Oil WTI Jan '19 (CLF19)

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Crude Oil WTI Futures Market News and Commentary

Crude Oil Prices Close Lower on Global Demand Concerns

July WTI crude oil (CLN19) on Monday closed down -0.58 (-1.10%), and Aug Brent crude oil (CBQ19) closed down -1.07 (-1.73%). July RBOB gasoline (RBN19) closed down -0.0417 (-2.41%). Global demand concerns undercut crude oil prices on Monday. Concern the U.S./China trade war will persist and drag economic growth and energy demand lower weighed on energy prices Monday after Commerce Secretary Ross said on Sunday that the prospect of a major trade deal is unlikely to emerge from a possible meeting between President Trump and Chinese President Xi Jinping at the G-20 summit is Osaka later his month although there could be an agreement to at least resume talks. Crude prices were already on the defensive on negative carry-over from Friday's report from the International Energy Agency (IEA) that predicts that increased oil production will swamp new demand in 2020. The IEA predicted that new production of 2.3 million bpd in 2020 will substantially outweigh their forecast for a 1.4 million bpd rise in demand, which would put pressure on OPEC+ to implement additional cuts if they want to keep oil prices supported. Monday's weaker-than-expected U.S. economic data points to slower economic growth and energy demand and kept crude prices in the red the rest of the day after the June Empire manufacturing index plunged -25.4 to a 2-1/2 year low of -8.6, weaker than expectations of -6.8 to 11.0. Also, the June NAHB housing market index unexpectedly fell -2 to 64. weaker than expectations of +1 to 67. Oil prices continue to see support from US/Iran tensions after President Trump last Friday blamed Iran for the two tanker attacks last Thursday. In addition, Iran Monday said it has increased its uranium enrichment rate and will breach the nuclear-deal enrichment limit in 10 days. Last Wednesday's EIA data showed that U.S. crude oil inventories as of June 7 were a hefty +8.4% above the 5-year average, gasoline inventories were +2.2% above the 5-year average, and distillate inventories were -4.2% below the 5-year average.
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