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Crude Oil rebounds, WTI jumps over $2.50/barrel as Gaza tensions tighten once more
West Texas Intermediary (WTI) Crude Oil is seeing a geopolitical tension-fueled spike on Wednesday as the Gaza conflict continues to escalate, with Israel vehemently rejecting calls for a ceasefire to allow humanitarian aid into the Gaza Strip for civilians trapped in the conflict zone. Energy Information Administration (EIA) barrel counts showed a surprise uptick for the week into October 20th, with US crude inventories rising by 1.371M barrels, far and above the 0.239M market expectation, and eating away a significant portion of the previous weeks -4.491M barrel drawdown. Global Crude Oil markets continue to fear ... (full story)