Futures Movers: Oil prices slide as traders await U.S. GDP report

by | Oct 26, 2023 | Stock Market

Crude oil futures turned lower on Thursday following their first gain in four sessions as traders awaited a fresh reading on the strength of U.S. economic growth. Price action
December Brent crude futures , the international benchmark, was down $1.71, or 1.9%, to $87.42 a barrel on ICE Futures Europe.

West Texas Intermediate crude oil for December delivery was down %1.65, or 1.9%, at $83.69 a barrel on the New York Mercantile Exchange.

November gasoline fell 26 cents, or 1.1%, to $2.26 per gallon, while November heating oil was down 1.3% at $2.99 a gallon.

November natural gas gained 0.2% to $3.01 per million British thermal units.

Market drivers Oil prices have been moving lower following the release of Wednesday’s supply data from  the U.S. Energy Information Administration, which reflected larger-than-expected increases in domestic crude and gasoline supplies.

But Thursday’s gross-domestic product data could add another catalyst to the selloff if it misses lofty expectations for a growth rate of 4.7% from a poll of economists conducted by The Wall Street Journal. Meanwhile, the conflict between Israel and Hamas could help to limit any further declines in oil, as speculators remain ready to jump in and buy due in part to the geopolitical uncertainty. …

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