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Barchart
Barchart
Rich Asplund

Crude Gains as Middle East Tensions Ratchet Higher

November WTI crude oil (CLX23) on Wednesday closed up +1.66 (+1.92%), and Nov RBOB gasoline (RBX23) closed up +6.90 (+3.02%).

Nov WTI crude oil and gasoline prices on Wednesday rallied to 2-week highs and settled moderately higher.  Crude oil prices were underpinned by concern about an escalation of the Israeli-Hamas conflict that could disrupt Middle East oil supplies after the hospital blast in Gaza.  Crude prices maintained their gains on Wednesday's bullish EIA report that showed crude supplies at Cushing dropped to a 9-year low.  A stronger dollar on Wednesday was negative for energy prices.

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