Oil futures headed lower on Tuesday, consolidating after a surge in the previous session in reaction to a weekend attack on Israel by Palestinian militant group Hamas that sparked fears of a wider regional conflict.Price action
West Texas Intermediate crude for November delivery
CL00,
-0.96%
CL.1,
-0.96%
CLX23,
-0.96%
fell 68 cents, or 0.8%, to $85.70 a barrel on the New York Mercantile Exchange. Prices for the contract gained 4.3% on Monday.
December Brent crude
BRN00,
-0.86%
BRNZ23,
-0.86%,
the global benchmark, declined $1.09, or 1.2%, to $87.06 a barrel on ICE Futures Europe a day after climbing 4.2%.
November gasoline
RBX23,
+0.08%
added 0.1% to $2.24 a gallon and November heating oil
HOX23,
+1.20%
tacked on 1.2% to $3.0001 a gallon.
Natural gas for November delivery
NGX23,
+1.04%
traded at $3.363 per million British thermal units, down 0.4%.
Market drivers WTI and Brent both soared more than 4% on Monday, after the wave of attacks on Saturday by Hamas, which were followed by retaliatory strikes by Israel on Gaza and Israel’s formal declaration of war against the group.
While crude saw a sharp jump on Monday, oil prices had fallen back significantly the previous week after hitting 2023 highs just shy of $100 a barrel for Brent and above …
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