Sep WTI crude oil (CLU24) on Monday closed down -0.24 (-0.31%), and Sep RBOB gasoline (RBU24) closed up +1.46 (+0.60%). Crude oil prices on Monday extended last Friday’s sharp losses on concern about the global economy and US political uncertainty. China’s -10 bp rate cut on Monday reinforced worries about China’s weak economy. The markets were already worried about Asian economic growth after Japan’s Cabinet Office last Friday cut its Japan 2024 GDP projection to +0.9% from a previous estimate of +1.3%. Meanwhile, US political uncertainty increased after President Biden on Sunday dropped out …