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Barchart
Barchart
Rich Asplund

Crude Little Changed as Middle East Tensions Ease

January WTI crude oil (CLF25) today is up +0.03 (+0.04%), and January RBOB gasoline (RBF25) is down -0.0203 (-1.04%).

Crude oil and gasoline prices today are mixed, with gasoline falling to a -week low.  Today's dollar weakness is supportive of energy prices.  Also, expectations that OPEC+ will delay planned oil production increases are bullish for crude.  Gains in crude oil are limited by reduced geopolitical risks in the Middle East after Israel and Hezbollah agreed to a cease-fire.  Today's weekly EIA inventory report was mixed for crude and products after crude inventories fell more than expected and gasoline supplies unexpectedly increased.  

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