The Phillips 66 Carson refinery is proven after the corporate mentioned it’ll shut its massive Los Angeles-area oil refinery late subsequent yr, delivering a blow to California’s gasoline provide, in Carson, California, U.S., October 17, 2024.
Mike Blake | Reuters
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U.S. crude oil futures prolonged beneficial properties on Tuesday, after rising almost 2% within the earlier session.
Oil costs have bounced again considerably after promoting off steeply final week. Merchants more and more view a provide disruption within the Center East resulting from Israel-Iran tensions as unlikely.
Weak demand in China has additionally weighed on costs not too long ago. Beijing cuts its benchmark lending charges on Monday, lending some assist to the futures market.
Listed here are Tuesday’s vitality costs:
- West Texas Intermediate November contract: $71.22 per barrel, up 66 cents, or 0.94%. 12 months thus far, U.S. crude oil has fallen barely.
- Brent December contract: $74.85 per barrel, up 56 cents, or 0.75%. 12 months thus far, the worldwide benchmark has declined almost 3%.
- RBOB Gasoline November contract: $2.0342 per gallon, up 0.97%. 12 months thus far, gasoline has pulled again about 3%.
- Pure Fuel November contract: $2.318 per thousand cubic toes, up 0.26%. 12 months thus far, fuel has fallen almost 8%.
