Crude Futures Rise As Supply Concerns Mount

Crude oil prices rise as the bombing of a hospital in Gaza renews fears of an expanding war in the Middle East. Spartan’s Peter Cardillo says in a note that a decline in the API weekly inventory report is also feeding supply concerns, ahead of the EIA data due at 10:30 am ET. Analysts polled by The Wall Street Journal expect an increase in US crude stockpiles. Pre-market, the WTI is trading at $87.32, up 2.2% and off early highs.