Oil futures declined on Tuesday, with U.S. and global benchmark prices losing almost 4% to settle at their lowest level in nearly six months. Concerns over the outlook for oil demand, as well as rising oil production from non-OPEC countries such as the U.S., continued to weigh on prices.
U.S. inflation data, meanwhile, showed only a slight climb in November, with analysts noting that the data is unlikely to lead to a Federal Reserve interest-rate cut in early 2024.Price action
West Texas Intermediate crude for January
CL00,
-3.59%
CL.1,
-3.59%
CLF24,
-3.59%
delivery shed $2.71, or 3.8%, to settle at $68.61 a barrel on the New York Mercantile Exchange.
February Brent crude
BRNG24,
+0.08%
BRN00,
+0.08%,
the global benchmark , shed $2.79, or 3.7%, at $73.24 a barrel on ICE Futures Europe. Brent and WTI oil marked the lowest front-month contract settlements since June 27, according to Dow Jones Market Data.
January gasoline
RBF24,
-2.54%
shed 3.1% to $1.98 a gallon, settling at the lowest since Dec. 3, 2021, while January heating oil
HOF24,
-3.57%
fell 3.9% to $2.51 a gallon on Nymex, the lowest since early July.
Natural gas for January delivery
NGF24,
-6.25%
declined by 4.9% to $2.31 per million British thermal units, the lowest since June 12.
Market drivers Oil futures lost …
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U.S. inflation data, meanwhile, showed only a slight climb in November, with analysts noting that the data is unlikely to lead to a Federal Reserve interest-rate cut in early 2024.Price action
West Texas Intermediate crude for January
CL00,
-3.59%
CL.1,
-3.59%
CLF24,
-3.59%
delivery shed $2.71, or 3.8%, to settle at $68.61 a barrel on the New York Mercantile Exchange.
February Brent crude
BRNG24,
+0.08%
BRN00,
+0.08%,
the global benchmark , shed $2.79, or 3.7%, at $73.24 a barrel on ICE Futures Europe. Brent and WTI oil marked the lowest front-month contract settlements since June 27, according to Dow Jones Market Data.
January gasoline
RBF24,
-2.54%
shed 3.1% to $1.98 a gallon, settling at the lowest since Dec. 3, 2021, while January heating oil
HOF24,
-3.57%
fell 3.9% to $2.51 a gallon on Nymex, the lowest since early July.
Natural gas for January delivery
NGF24,
-6.25%
declined by 4.9% to $2.31 per million British thermal units, the lowest since June 12.
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