SA: Crude oil moves higher on China rumour, potential Iran attack on Saudi

© Edwardgerges

SEEKING ALPHA reports:

Energy (NYSEARCA:XLE) climbed to the top of Tuesday’s S&P sector leaderboard as crude oil prices rose on speculation that China is preparing to gradually exit its stifling zero-COVID policy.

Crude oil also was lifted by a Wall Street Journal report that said Saudi Arabia is on high alert for a potential Iranian attack, with an extra assist from a weakening dollar.

Front-month Nymex crude (CL1:COM) for December delivery settled +2.1% to $88.37/bbl, and January Brent crude (CO1:COM) closed +2% to $94.65/bbl, with both benchmarks snapping two-session losing streaks.

ETFs: (NYSEARCA:USO), (BNO), (UCO), (SCO), (USL), (DBO), (USOI), (NRGU)

Also, U.S. natural gas futures (NG1:COM) plunged -10.1% to $5.714/MMBtu, giving back most of Monday’s surge, as volatile trade in the commodity continues.

Refiners Marathon Petroleum (MPC) and Valero (VLO) closed Tuesday +4.8% and +3.5% as both posted better than expected Q3 earnings, as cheaper than expected natural gas allowed refiners to hold down processing costs…

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