Futures Movers: Oil prices look to post a loss for the month as fears of wider Israel-Hamas war fade

by | Oct 31, 2023 | Stock Market

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.

Price action
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.

November gasoline
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 …

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