U.S. crude oil prices rise nearly 1%, extend gains to above $71 per barrel

The Phillips 66 Carson refinery is shown after the company said it will shut its large Los Angeles-area oil refinery late next year, delivering a blow to California’s fuel supply, in Carson, California, U.S., October 17, 2024.

Mike Blake | Reuters

U.S. crude oil futures extended gains on Tuesday, after rising nearly 2% in the previous session.

Oil prices have bounced back somewhat after selling off steeply last week. Traders increasingly view a supply disruption in the Middle East due to Israel-Iran tensions as unlikely.

Weak demand in China has also weighed on prices recently. Beijing cuts its benchmark lending rates on Monday, lending some support to the futures market.

Here are Tuesday’s energy prices:

West Texas Intermediate November contract: $71.22 per barrel, up 66 cents, or 0.94%. Year to date, U.S. crude oil has fallen slightly.
Brent December contract: $74.85 per barrel, up 56 cents, or 0.75%. Year to date, the global benchmark has declined nearly 3%.
RBOB Gasoline November contract: $2.0342 per gallon, up 0.97%. Year to date, gasoline has pulled back about 3%.
Natural Gas November contract: $2.318 per thousand cubic feet, up 0.26%. Year to date, gas has fallen nearly 8%.