U.S. crude oil futures experienced a decline on Wednesday, trading below $71 per barrel. This follows a significant decrease in the previous session after reports emerged that Israel would refrain from attacking Iran’s oil facilities. On Tuesday, the U.S. benchmark dropped over 4% after Israel informed the United States that it plans to limit retaliatory strikes to military targets in Iran, according to senior Biden administration officials as reported by NBC News.
Crude oil prices have relinquished most of the gains achieved following Iran’s ballistic missile attack on Israel on October 1, as concerns over a potential disruption in oil supply from the Middle East have diminished.
The energy prices for Wednesday were as follows:
– The West Texas Intermediate (WTI) November contract was priced at $70.28 per barrel, marking a decrease of 30 cents or 0.43%. So far this year, U.S. crude oil has fallen nearly 2%.
– The Brent December contract stood at $73.94 per barrel, declining by 31 cents or 0.42%. The global benchmark has decreased by approximately 4% year to date.
– The RBOB Gasoline November contract was priced at $2.0378 per gallon, showing little change. Year to date, gasoline prices have gone down by about 3%.
– The Natural Gas November contract was priced at $2.464 per thousand cubic feet, falling by 1.36%. Year to date, natural gas prices have reduced by about 2%.
