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Barchart
Barchart
Rich Asplund

Crude Settles Higher on Geopolitical Risks and a Drop in EIA Crude Inventories

Oil EIA Iran OPEC Israel United States

Sep WTI crude oil (CLU24) on Wednesday closed up +2.03 (+2.77%), and Sep RBOB gasoline (RBU24) closed up +3.11 (+1.34%).

Crude oil and gasoline prices posted moderate gains Wednesday.  Crude oil prices rose Wednesday on concern that an expected retaliatory attack by Iran against Israel could spark an escalation of Middle Eastern hostilities.  Crude prices added to their gains Wednesday after weekly EIA crude inventories fell more than expected to a 6-month low.  Dollar strength on Wednesday limited gains in energy prices.

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