November WTI crude oil (CLX23) this morning is up +0.78 (+0.87%), and Nov RBOB gasoline (RBX23) is up +2.59 (+1.10%).
Nov WTI crude oil and gasoline prices this morning extended this week's rally and posted 2-week highs. A weaker dollar today is supporting energy prices. Also, a ratcheting higher of geopolitical risks in the Middle East is boosting crude prices as an escalation of the Israeli-Hamas conflict could lead to a disruption of Middle East oil supplies. Gains in crude were limited after the S&P 500 dropped to a 2-week low, reducing confidence in the economic outlook that is negative for energy demand.
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