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Barchart
Rich Asplund

Prospects for an Israel-Hezbollah Cease-Fire Weigh on Crude Prices

Hezbollah Oil Israel crude oil Joe Biden United States OPEC Russia Ukraine EIA

January WTI crude oil (CLF25) Tuesday closed down -0.17 (-0.25%), and January RBOB gasoline (RBF25) closed down -0.0027 (-0.14%).

Crude oil and gasoline prices Tuesday gave up an early advance and fell to 1-week lows on a report that US President Biden will announce that Israel and Hezbollah have reached an agreement to cease fighting.  Also, a stronger dollar on Tuesday was bearish for energy prices.   Crude prices Tuesday initially moved higher after Bloomberg reported that OPEC+ had begun discussions to delay oil production further increases initially set to start in January.

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