U.S. crude oil futures rose on Tuesday, building on nearly 2% gains from the previous session.
Prices have rebounded somewhat after a significant drop last week. Traders are increasingly confident that a supply disruption in the Middle East, linked to tensions between Israel and Iran, is unlikely.
However, weak demand in China has been a drag on prices recently. On Monday, Beijing lowered its benchmark lending rates, which provided some support to the futures market.
Here are the closing energy prices for Tuesday:
West Texas Intermediate (WTI): The November contract closed at $72.09 per barrel, up $1.53, or 2.17%. Year-to-date, U.S. crude oil prices have increased nearly 1%.
Brent Crude: The December contract settled at $76.04 per barrel, up $1.75, or 2.36%. Year-to-date, the global benchmark has seen a decline of more than 1%.
RBOB Gasoline: The November contract finished at $2.0675 per gallon, up 2.62%. Year-to-date, gasoline prices have decreased by more than 1%.
Natural Gas: The November contract closed at $2.304 per thousand cubic feet, down 0.35%. Year-to-date, natural gas prices have fallen about 8%.
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