Light, sweet oil for July climbed modestly on the New York market to settle above $53/bbl June 4 while the Brent contract for August also gained to settle at nearly $62/bbl in London.
Oil prices, along with other stocks and commodities, have been pressured downward recently by rising concerns that the world economy is slowing, which some analysts attribute at least in part to ongoing US-China trade tensions. A weaker economy means less oil demand.
In the trade dispute, US and China recently raised tariffs on each other’s imports. Meanwhile US President Donald Trump has said he plans tariffs on goods from Mexico.
The US Energy Information Administration was scheduled June 5 to release its weekly US oil and products report.
Energy prices
Crude oil on the New York Mercantile Exchange for July gained 23¢ to settle at $53.48/bbl on June 4 while the August contract rose 25¢ to settle at $53.63/bbl.
NYMEX natural gas for July was up 1¢ to settle at $2.41/MMbtu.
Ultralow-sulfur diesel for July increased 1.5¢ to $1.82/gal. The NYMEX reformulated gasoline blendstock for July fell nearly 2¢ to a rounded $1.72/gal.
Brent crude for August rose 69¢ to settle at $61.97/bbl. The September price increased 62¢ to settle at $61.08/bbl.
The gas oil contract for June fell $1.25 to $560.50/tonne on June 4.
The average for the Organization of Petroleum Exporting Countries’ basket of crudes was unavailable for June 4.
Contact Paula Dittrick at [email protected].
