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Rich Asplund

Global Geopolitical Risks Push Crude Prices Higher

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

October WTI crude oil (CLV25) today is up +0.99 (+1.58%), and October RBOB gasoline (RBV25) is up +0.0190 (+0.95%).

Crude oil and gasoline prices are moving higher today due to a weak dollar. Also, escalation of geopolitical risks in Europe gave oil prices a boost 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 are climbing today despite a bearish EIA inventory report that showed weekly crude supplies unexpectedly expanded and gasoline stockpiles rose more than expected.

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