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Barchart
Barchart
Rich Asplund

Crude Oil Rallies on Geopolitical Risks and a Decline in Weekly EIA Crude Supplies

Sep WTI crude oil (CLU24) today is up +2.54 (+3.47%), and Sep RBOB gasoline (RBU24) is up +4.94 (+2.12%).

Crude oil and gasoline prices today are sharply higher.  Today's rally in global equity markets has boosted confidence in the economic outlook, supporting energy demand and crude prices.  Crude oil prices also have support from concern that an expected retaliatory attack by Iran against Israel could spark an escalation of Middle Eastern hostilities.  Crude raced to its highs today after weekly EIA crude inventories fell more than expected to a 6-month low.  

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