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Rich Asplund

Geopolitical Risks Support Crude Prices

Oil crude oil EIA European Union OPEC Russia United States Europe Poland Drone

October WTI crude oil (CLV25) on Wednesday closed up +1.04 (+1.66%), and October RBOB gasoline (RBV25) closed up +0.0155 (+0.78%).

Crude oil and gasoline prices settled higher due to an escalation of geopolitical risks in Europe after Poland shot down drones that crossed into its territory during Russia's latest air strike on Ukraine, calling it an "act of aggression." Crude prices rose on Wednesday despite a bearish EIA inventory report that showed weekly crude supplies unexpectedly expanded and gasoline stockpiles rose more than expected.

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