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Barchart

Rich Asplund

Crude Prices Underpinned by Tight Supplies and Middle East Tensions

Oil United States Hezbollah OPEC Baker Hughes

August WTI crude oil (CLQ24) on Monday closed up +1.84 (+2.26%), and Aug RBOB gasoline (RBQ24) closed up +7.68 (+3.07%).

Crude oil and gasoline prices Monday rallied, with crude climbing to a 2-month high. The outlook for declining US crude output is propping up oil prices after last Friday's weekly report from Baker Hughes showed that active US oil rigs fell to a 2-1/2 year low. Also, heightened tensions in the Middle East are giving crude prices a boost, with Israel close to a full-blown war with Hezbollah in Lebanon and with Houthi rebels in Yemen stepping up their attacks on commercial shipping in the region.

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