U.S. crude oil futures edged lower on Wednesday, trading below $71 a barrel, after a report that Israel would not attack Iranian oil facilities sent U.S. crude oil futures sharply lower in the previous session.
U.S. benchmarks fell more than 4% on Tuesday after Israel told the U.S. it would limit retaliatory strikes against Iranian military targets, a senior Biden administration official told NBC News.
Crude oil prices have given up most of the gains they made after Iran launched a ballistic missile attack on Israel on Oct. 1, as concerns about Middle East oil supply disruptions eased.
Here are energy prices for Wednesday:
- West Texas Intermediate Oil November contract: $70.28 per barrel, down 30 cents, or 0.43%. U.S. crude has fallen nearly 2% so far this year.
- Brent December contract: $73.94 per barrel, down 31 cents, or 0.42%. The global benchmark has fallen about 4% so far this year.
- RBOB gasoline November contract: $2.0378 per gallon, little changed. Gasoline prices have fallen about 3% so far this year.
- natural gas November contract: $2.464/thousand cubic feet, down 1.36%. Natural gas prices have fallen about 2% so far this year.
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