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Barchart
Barchart
Rich Asplund

Crude Rallies on Middle East Tensions and Tighter EIA Inventories

Oil EIA Middle East Israel Iran United States OPEC

December WTI crude oil (CLZ24) Wednesday closed up +1.40 (+2.08%), and December RBOB gasoline (RBZ24) closed up +0.0411 (+2.14%).

Dec crude oil prices Wednesday rallied on a weaker dollar.  Also, lingering Middle East tensions are bullish for crude after Israel vowed to strike Iran "very hard" should it launch another attack on Israel.  Crude also rose Wednesday on a Reuters report that said OPEC+ could delay a planned hike in oil production.  Crude prices added their gains Wednesday after weekly EIA crude and gasoline inventories unexpectedly declined.

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