Crude oil futures were down by more than a dollar at midday Thursday, as a stronger U.S. currency and continuing concerns over White House trade policies encouraged investors to take profits following three days of gains.
The August NYMEX West Texas Intermediate contract was off by $1.65 to $66.75/bbl at about noon ET and the September WTI contract was down by $1.50 to $65.50/bbl.
The ICE September Brent crude contract was $1.35 lower at $68.85/bbl and October Brent was down by $1.25 to $67.70/bbl.
Both crude oil benchmarks added $1 to $2 over the first three trading sessions of the week.
The NYMEX August RBOB contract was down by 3.75cts to $2.1505/gal and September RBOB was 3.8cts lower at $2.11/gal. The August ULSD contract was off by 2.75cts to $2.3815/gal and September ULSD was 2.85cts lower at $2.341/gal.
Global economic worries weighed on petroleum futures after President Trump on Wednesday told Brazil's government the U.S. would impose a 50% tariff on imports from the country, citing concerns over legal action against former President Jair Bolsonaro and U.S. tech firms.
The dollar strengthened by 0.2% against a basket of other currencies, making dollar-denominated crude futures more expensive for investors holding non-U.S. currencies.
In U.S. cash markets, the price of Los Angeles CARBOB was down by about 12cts and San Francisco and Pacific Northwest spot gasoline prices were off by 4 to 6cts. West Coast cash gasoline prices have been under pressure from higher imports.
This content was created by Oil Price Information Service, which is operated by Dow Jones & Co. OPIS is run independently from Dow Jones Newswires and The Wall Street Journal.
--Reporting by Frank Tang, ftang@opisnet.com; Editing by Jeff Barber, jbarber@opisnet.com
(END) Dow Jones Newswires
07-10-25 1256ET
