US Crude Oil Futures Continue Rally, Jump 2.17% to $72.09/Barrel. US crude oil prices extended their gains on Tuesday, building on the previous session's 2% surge. The rebound follows a sharp sell-off last week, driven by easing Middle East supply disruption concerns and China's weakening demand.
Market Moves
- West Texas Intermediate (WTI) November contract: $72.09/barrel (+2.17%)
- Brent December contract: $76.04/barrel (+2.36%)
- RBOB Gasoline November contract: $2.0675/gallon (+2.62%)
- Natural Gas November contract: $2.304/thousand cubic feet (-0.35%)
Year-to-Date Performance
- US Crude Oil: +1%
- Brent Crude: -1.2%
- Gasoline: -1.2%
- Natural Gas: -8%
Market Drivers
- Easing Israel-Iran tensions reduce supply disruption risks.
- China's weak demand weighs on prices.
- Beijing's benchmark lending rate cut supports futures market.
Summary
US crude oil futures continued their upward momentum, driven by diminishing supply disruption concerns and China's monetary policy support. However, natural gas prices bucked the trend, falling 0.35%.