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Barchart
Barchart
Rich Asplund

Crude Prices Firm as Middle East Conflict Persists

Oil Middle East China OPEC United States

Nov WTI crude oil (CLX24) today is up +1.64 (+2.32%), and Nov RBOB gasoline (RBX24) is up +4.97 (+2.47%).

Crude and gasoline prices today are moving higher for a second day and posted 1-week highs.  Heightened Middle East tensions underpin crude prices due to concern that the escalation of hostilities could disrupt Middle Eastern crude supplies.  Crude also has carryover support from Monday when Chinese banks cut interest rates, which may spur economic growth and energy demand.  However, today's rally in the dollar (DXY00) to a 2-1/2 month high limits gains in energy prices.  

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