Crude Oil WTI May '16 (CLK16)
Crude Oil WTI Futures Market News and Commentary
July WTI crude oil (CLN26) today is down -3.42 (-3.75%), and July RBOB gasoline (RBN26) is down -0.0636 (-2.07%).
Crude oil and gasoline prices are sinking today, with crude posting a 1-week low and gasoline posting a 1.75-month low. Crude prices are under pressure today as the ceasefire between Israel and Iran appears to be holding, which improves the prospects for a deal to end the US-Iran war and reopen the Strait of Hormuz. Also, weakness in Chinese crude oil demand is undercutting oil prices. Â
Crude oil prices are slumping today after Iran and Israel agreed to end hostilities toward each other. President Trump today predicted a swift end to war with Iran and a subsequent fall in oil prices and said, "We're in the final throes of what will be a very, very good deal, and that they could have at least an idea one or two days from now" about the deal.
Weakness in Chinese demand is bearish for crude oil prices. China's May crude imports fell to about 7.8 millio... Read more
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