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Rich Asplund

HISTORICAL FACTS: Crude oil prices settle lower as supply concerns subside - Caught on Camera

Oil United States OPEC Iran EIA Goldman Sachs

August WTI crude oil (CLQ26) on Tuesday closed down -0.65 (-0.88%), and August RBOB gasoline (RBQ26) closed down -0.0211 (-0.73%).

Crude oil and gasoline prices were under pressure on Tuesday, with crude oil falling to a 3.5-month low. Tuesday’s rally in the dollar index ($DXY) to a 13-month high is weighing on energy prices. Also, the resumption of crude supplies through the reopened Strait of Hormuz is easing global oil supply concerns and is undercutting crude prices. In addition, Tuesday’s sell-off in global equity markets reduces confidence in the economic outlook and energy demand.

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