U.S. crude oil prices drifted lower Tuesday as the risk of rising supply from OPEC+ overshadows a dramatic escalation of the war in the Middle East.
Israel has dispatched ground forces into southern Lebanon after pounding the Iran-backed militia Hezbollah with airstrikes for days, eliminating much of the group's leadership.
For now, traders remain focused on weak demand in China and the prospect of OPEC+ producing more oil starting in December, Croft said.
Here are Tuesday's energy prices at 8:43 am ET:OPEC leader Saudi Arabia might be prepared to allow more oil back onto the market to pressure members such as Iraq with lower oil prices, said Bob McNally, president of Rapidan Energy.
Saudi has become increasingly frustrated with Iraq producing more crude than then their production targets, McNally said.
Persons:
we've, Helima Croft, CNBC's, Croft, Bob McNally, McNally
Organizations:
RBC Capital Markets, Rapidan Energy, Saudi
Locations:
East, Israel, Lebanon, Iran, China, Saudi Arabia, Iraq