April WTI crude oil (CLJ25) Thursday closed down -1.13 (-1.67%), and April RBOB gasoline (RBJ25) closed down -0.0170 (-0.79%).
Crude oil prices were under pressure Thursday and settled moderately lower. A stronger dollar Thursday was bearish for energy prices. Also, the possible escalation of US tariffs that could exacerbate trade tensions that lead to slower growth and energy demand weighed on crude prices after President Trump threatened to enact a 200% tariff on European wine, champagne, and other alcoholic beverages if the EU doesn’t repeal a tax on US whiskey. In addition, the action by the International Energy Agency (IEA) to cut its global crude demand forecasts for this year is bearish for crude prices. Losses in crude accelerated Thursday when the S&P 500 dropped to a 6-month low, undercutting confidence in the economic outlook that is negative for energy demand. Better than expected, global economic news Thursday limited losses in crude oil.
