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Rich Asplund

Crude Slightly Higher on Geopolitical Risks in the Middle East

Oil Middle East United States EIA

November WTI crude oil (CLX23) this morning is up +0.08 (+0.09%), and Nov RBOB gasoline (RBX23) is up +0.55 (+0.23%).

Nov WTI crude oil and gasoline prices this morning are slightly higher, with gasoline posting a 2-week high. A weaker dollar today is 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 are limited after the U.S. eased sanctions on Venezuela, which will allow more crude supplies onto the global market.

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