The Phillips 66 Carson refinery is proven after the corporate stated it should shut its main oil refinery within the Los Angeles space on the finish of subsequent yr, hitting gasoline provides in California, in Carson, California, U.S., October 17, 2024 .
Mike Blake | Reuters
US crude oil futures prolonged positive factors on Tuesday after up nearly 2% within the earlier session.
Oil costs have rebounded considerably after final week’s sharp selloff. Merchants more and more imagine {that a} provide disruption to the Center East because of tensions between Israel and Iran is unlikely.
Weak demand in China has additionally weighed on costs not too long ago. Beijing reduces the reference interest rates on loans on Monday, lending some help to the futures market.
Listed below are Tuesday’s power costs:
- West Texas Intermediate November contract: $71.22 a barrel, up 66 cents, or 0.94%. Yr-to-date, U.S. crude oil is down barely.
- Brent December contract: $74.85 a barrel, up 56 cents, or 0.75%. Yr-to-date, the worldwide benchmark is down almost 3%.
- RBOB Gasoline November contract: $2.0342 a gallon, up 0.97%. Yr to this point, gasoline has fallen by about 3%.
- Natural gas November contract: $2.318 per thousand cubic toes, up 0.26%. Fuel has turn into cheaper by almost 8% yr to this point.
