An earlier version of this story referred to the wrong day of the week. The article has been corrcted. Oil futures traded lower Tuesday afternoon, after dropping more than 3% the previous session, and remained on track for monthly losses as a risk premium tied to fears the Israel-Hamas war could threaten crude supplies eroded.
West Texas Intermediate crude for December delivery
dropped $1.13, or 1.4%, to $81.18 barrel on the New York Mercantile Exchange. Prices based on the front-month contract traded more than 9% lower for the month as of Monday’s settlement, according to Dow Jones Market Data.
December Brent crude
the global benchmark, rose 6 cents, or 0.1%, to $87.51 a barrel on ICE Futures Europe, trading down over 8% for the month as of Monday. January Brent
the most actively traded contract
dropped $1.12, or 1.3%, to $85.20 a barrel.
rose 0.1% to $2.222 a gallon, while November heating oil rose 0.5% to $2.982 a gallon.
December natural gas
gained 7.8% to $3.614 per million British thermal units. As of Monday, front-month prices were down over 14% for the month.
Market drivers On the Middle East front, oil traders have “likely shifted into efficient mark …