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Rich Asplund

Crude Slightly Higher on Geopolitical Risks in the Middle East

Oil EIA Middle East United States Hamas Israel

November WTI crude oil (CLX23) this morning is up +0.17 (+0.20%), and Nov RBOB gasoline (RBX23) is down -3.74 (-1.69%).

Nov WTI crude oil and gasoline prices this morning are mixed. Crude has support today on concerns about the Israel-Hamas conflict spreading. Also, comments today from Saudi Energy Minister Prince Abdulaziz bin Salman gave crude a boost when he said oil producers will continue to work together and act preemptively to keep the oil market in balance. Crude prices fell back from their best levels on dollar strength and after the weekly EIA crude report showed crude inventories unexpectedly rose, and U.S. crude production climbed to a record.

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