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Barchart
Barchart
Rich Asplund

Crude Prices Rally on Middle East Supply Concerns

Oil United States Middle East OPEC

Oct WTI crude oil (CLV24) Monday closed up +2.59 (+3.46%), and Oct RBOB gasoline (RBV24) closed up +1.63 (+0.77%).

Crude oil and gasoline prices Monday rallied sharply to 1-week highs.  Oil prices moved higher on concern that an escalation of conflict in the Middle East could disrupt oil supplies after more than 100 Israeli warplanes Sunday attacked sites in southern Lebanon to take out hundreds of Hezbollah missile launchers.  Crude oil prices also saw support after Libya's eastern government called for a halt to all crude production and exports due to political conflict over who controls the country's central bank and oil revenues.

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