Oil prices settled traded down today on a rising dollar and fears of weaker than expected demand out of China. “The summer driving season is winding down in the United States,” said Robert Yawger, director of energy futures for Mizuho Securities USA. “If you don’t need as much gasoline, you don’t need as much oil.” Saudi Aramco raised its official selling price to Asia for the third straight month. The market will be closely watching Thursdays CPI report as an indication of Fed monetary policy. Fed Governor Bowman said additional interest rate hikes will be likely needed to lower inflation to the Fed’s 2% target.
WTI traded down $.88 or -1.06% to close at $81.94. Brent traded down $.90 or -1.04% to close at $85.34.