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Barchart
Barchart
Rich Asplund

Crude Closes Lower as Middle East Oil Supply Concerns Ease

Oil Middle East Iran Israel EIA United States

Nov WTI crude oil (CLX24) Wednesday closed down -0.19 (-0.27%), and Nov RBOB gasoline (RBX24) closed up +0.26 (+0.13%).

Crude oil and gasoline prices Wednesday settled mixed, with crude falling to a fresh 2-week low.  Wednesday's rally in the dollar index (DXY00) to a 2-1/4 month high is undercutting energy prices.  Crude also has some negative carryover from Tuesday's report that said Israel may avoid targeting Iran's crude infrastructure when it retaliates against Iran for its October 1 missile attack on Israel, which eases Middle East crude supply concerns.

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