U.S. WTI crude oil prices climbed 0.39%, as Israel vowed a "painful" retaliation to Iran's missile attack, lending support to oil prices. However, the rise was tempered by an increase in U.S. crude oil inventories.
West Texas Intermediate (WTI, Financial) crude for November delivery on the New York Mercantile Exchange increased by $0.27, or 0.39%, to settle at $70.10 per barrel.
Traders are closely monitoring developments in the Middle East. Following Iran's large-scale ballistic missile attack on Israel, Israel has promised a strong response.
The U.S. crude oil inventory rose last week. According to the U.S. Energy Information Administration (EIA), U.S. oil inventories increased by 3.9 million barrels, and gasoline inventories grew by 1.1 million barrels.
Matt Smith, Chief Oil Analyst for the Americas at Kpler, noted that the inventory data tends to be bearish, contrasting with the geopolitical factors currently driving prices higher.
