Crude-oil and refined product futures were up modestly Thursday on rising tensions in the Mideast and a slightly lower dollar that offset oversupply concerns in the U.S.
Crude-oil prices are rising on signs that Israel's war with Hamas is at a heightened risk of widening on growing tensions between Israel and Lebanon's Hezbollah.
The NYMEX August West Texas Intermediate contract was up about 50cts to $81.4/bbl as of noon EDT and the September WTI was 40cts higher at $80.6/bbl.
The August Brent crude contract was up 70cts to $85.95/bbl and September Brent was 55cts higher at $85/bbl.
The more active NYMEX August RBOB contract was 0.15ct to $2.526/gal and the front-month July RBOB contract was unchanged at $2.5445/gal. The NYMEX August ULSD contract was up 0.5ct $2.5575/gal and July ULSD was 0.55c higher at $2.523/gal.
The dollar index was down 0.2%. A weaker dollar makes dollar-denominated crude and product futures cheaper for holders of non-U.S. currencies.
Energy investors largely shrugged off Wednesday's bearish Energy Information Administration data that showed sizable builds in crude and gasoline inventories in the week ended Friday.
This content was created by Oil Price Information Service, which is operated by Dow Jones & Co. OPIS is run independently from Dow Jones Newswires and The Wall Street Journal.
-- Reporting by Frank Tang, ftang@opisnet.com; Editing by Jeff Barber, jbarber@opisnet.com
(END) Dow Jones Newswires
06-27-24 1250ET
