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Barchart
Barchart
Rich Asplund

Crude Prices Underpinned by Geopolitical Risks in the Middle East

December WTI crude oil (CLZ23) this morning is up +1.13 (+1.39%), and Dec RBOB gasoline (RBZ23) is up +1.86 (+0.84%).

Crude oil and gasoline prices this morning are moderately higher.  Geopolitical risks are underpinning crude prices on concern an escalation of the Israeli-Hamas conflict could threaten crude supplies from the Middle East.  Crude prices fell back from their best levels after the dollar index (DXY00) rallied to a 4-week high and on signs of weakness in manufacturing activity in China and the U.S.  Today's weekly EIA report was mixed for crude prices.  

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