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Barchart
Barchart
Rich Asplund

Crude Gives Up Most Gains as Weekly EIA Inventories Unexpectedly Climb

Oil EIA Israel United States Iran Middle East

Nov WTI crude oil (CLX24) today is up +0.21 (+0.30%), and Nov RBOB gasoline (RBX24) is up +0.14 (+0.07%).

Crude oil and gasoline prices today climbed to 1-week highs and are modestly higher.  Heightened Middle East tensions are supporting crude prices after Israel vowed to retaliate against Iran for its missile assault on Israel Tuesday, which could lead to a wider conflict that disrupts crude supplies from the Middle East.  Crude prices fell back from their best levels after the dollar rose to a 2-1/2 week high and weekly EIA crude inventories unexpectedly increased.

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