US oil production is on the path to reach record highs in 2023, according to the Energy Information Administration (EIA), while active domestic oil rigs decline this year. Yahoo Finance Live comments on the Biden administration's stance on domestic oil production as President Biden opts out of attending the COP 28 climate conference in Dubai. For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.
EU inflation figures are due on Thursday.
Prices have been volatile since a surprise attack by Hamas on Israel last month.