The Crude Market was down for the week. The market started higher on Monday as a continuation of last week’s easing trade tensions between China and the US. Over the weekend, news of a new Saudi energy minister, Prince Abdulaziz bin Salman, could have rocked markets but did not as he reassured markets that no major policy changes were on the horizon.
News of the resignation of Trump’s hawkish National Security Advisor, John Bolton, and the possible softening stance on Iran drove markets down on Wednesday and through the end of the week. Later, Secretary of the Treasury Steven Mnuchin stated that the Trump administration is not planning on relaxing Iran sanction, as they seem to have been working.
Prices in Review
WTI Crude opened the week at $56.80. After Bolton’s resignation and the related Iran sentiment, markets went lower to end the week. Crude opened Friday at $55.15, a loss of $1.65 (-2.9%).
Diesel opened the week at $1.8992. It followed crude throughout the week. Diesel opened Friday at $1.8881, a loss of 1.1 cents (-0.6%).
Diesel opened the week at $1.8992. It followed crude throughout the week. Diesel opened Friday at $1.8881, a loss of 1.1 cents (-0.6%).
