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Rich Asplund

Crude Prices Retreat on Lack of Oil-Flow Disruption Thus Far from Israel-Hamas Conflict

Oil Hamas United States Israel EIA

November WTI crude oil (CLX23) on Wednesday closed down -2.48 (-2.88%), and Nov RBOB gasoline (RBX23) closed down -4.83 (-2.11%).

Nov WTI crude oil and gasoline prices Wednesday fell sharply on initial indications the war between Israel and Hamas will have a limited impact on oil flows in the Middle East. Also, Wednesday's U.S. PPI report was stronger than expected, bolstering speculation the Fed will keep interest rates higher for longer, which could dampen economic growth and energy demand.

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