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RBOB Gasoline May 23 (RBK23.NYM)

NY Mercantile - NY Mercantile Delayed Price. Currency in USD
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2.6571+0.0016 (+0.06%)
As of 02:30PM EDT. Market open.
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Pre. SettlementN/A
Settlement date2023-04-28
Last price2.6555
Day's range2.5949 - 2.6572

    Crude Oil Slumps; Chinese Data, Additional Supply Weigh

    Oil prices slumped Monday, weighed by concerns over slowing Chinese economic growth as well as raised potential for increased supply from both Iran and Saudi Arabia. Economic data released earlier Monday showed China’s economic growth rate unexpectedly slowed in July, prompting the country’s central bank to cut key lending rates in a surprise move. China's economy, the world’s second largest, is struggling to shake off the June quarter's hit to growth from strict COVID restrictions, and this has raised concerns that this will hit future crude demand from the largest importer in the world.

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    Crude Oil Lower; Uncertainty Over Demand, Supply Outlook

    Oil prices fell Friday, as uncertainty surrounding the market’s demand/supply balance prompted traders to cash in some of the week’s strong gains. Both the International Energy Agency and the Organization of Petroleum Exporting Countries released their monthly market reports on Thursday but took differing views on the demand outlook. The IEA raised its demand growth forecast by 380,000 barrels per day to 2.1 million barrels per day citing gas-to-oil switching, while OPEC cut its forecast by 260,000 barrels per day to 3.1 million barrels per day.