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Barchart
Barchart
Rich Asplund

Crude Rises as Middle Eastern Geopolitical Risks Outweigh Venezuelan Oil Exports

November WTI crude oil (CLX23) on Thursday closed up +1.05 (+1.19%), and Nov RBOB gasoline (RBX23) closed up +0.82 (+0.35%).

Nov WTI crude oil and gasoline prices on Thursday settled moderately higher, with gasoline posting a 2-week high.   A weaker dollar Thursday was supportive of energy prices.  Crude prices are also underpinned by concern about a possible escalation of the Israeli-Hamas conflict that could disrupt Middle East oil supplies.  Gains in crude were limited after the U.S. eased sanctions on Venezuela, which will allow more crude supplies onto the global market.  

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