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Barchart
Barchart
Rich Asplund

Crude Prices Jump as OPEC+ Delays Production Increases

Oil OPEC Iran Israel United States Wall Street Journal

December WTI crude oil (CLZ24) Monday closed up +1.98 (+2.85%), and December RBOB gasoline (RBZ24) closed up +0.0528 (+2.68%).

Crude oil and gasoline prices rallied to 1-week highs on Monday and settled moderately higher.  Monday's fall in the dollar index (DXY00) to a 2-week low was bullish for energy prices.  Crude also rose after OPEC+ agreed to push back its December production increase by one month.  In addition, ramped-up Middle East tensions are supporting crude after the Wall Street Journal reported that Iran is planning a counterattack on Israel involving more powerful warheads.

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