U.S. crude oil futures dipped on Wednesday, closing under $71 per barrel. This decline followed a sharp sell-off the previous day, driven by news that Israel will refrain from attacking Iran’s oil facilities.
On Tuesday, the U.S. benchmark dropped more than 4% after Israeli officials informed the U.S. that any retaliatory strikes would focus solely on military targets in Iran, as reported by senior Biden administration officials to NBC News.
Crude oil prices have lost most of the gains made after Iran’s ballistic missile attack on Israel on October 1. The initial concerns about potential disruptions to oil supply in the Middle East have since diminished.
Here are the closing energy prices for Wednesday:
West Texas Intermediate
November contract: $70.39 per barrel, down 19 cents (0.27%). U.S. crude oil has decreased nearly 2% year to date.
Brent
December contract: $74.22 per barrel, down 3 cents (0.04%). The global benchmark has fallen more than 3% this year.
RBOB Gasoline
November contract: $2.0403 per gallon, up 0.13%. Gasoline prices have dropped nearly 3% year to date.
Natural Gas
November contract: $2.367 per thousand cubic feet, down 5.24%. Natural gas prices have retreated nearly 6% this year.
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