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Barchart
Barchart
Rich Asplund

Crude Rallies on Middle East Tensions and Libya's Call to Halt Crude Exports

Oil Libya United States Middle East OPEC

Oct WTI crude oil (CLV24) today is closed up +2.28 (+3.05%), and Oct RBOB gasoline (RBV24) is up +3.48 (+1.65%).

Crude oil and gasoline prices today rallied sharply to 1-week highs.  Oil prices are higher on concern that an escalation of conflict in the Middle East disrupt oil supplies after more than 100 Israeli warplanes Sunday attacked sites in southern Lebanon to take out hundreds of Hezbollah missile launchers.  Gains in crude oil accelerated today 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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