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Rich Asplund

Crude Rallies as Israel Prepares for a Ground Invasion of Gaza

Oil Israel Gaza EIA United States

December WTI crude oil (CLZ23) on Wednesday closed up +1.65 (+1.97%), and Dec RBOB gasoline (RBZ23) closed up +1.61 (+0.71%).

Nov WTI crude oil and gasoline prices on Wednesday shook off early losses and moved higher on speculation that Israel will soon stage a ground assault on Gaza, which could lead to the spread of the conflict in the region that disrupts Middle Eastern crude supplies. Crude and gasoline prices Wednesday initially fell to 1-1/2 week lows on a stronger dollar. Crude prices also moved higher despite a bearish EIA inventory report that showed unexpected increases in crude and gasoline supplies.

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