U.S. crude oil futures fell slightly on Wednesday, trading below $71 a barrel, after plunging in premarket trading on reports that Israel would not attack Iranian oil facilities.
The U.S. benchmark fell by more than 4% on Tuesday after Israel told the U.S. it would limit retaliatory strikes to Iranian military targets, a senior Biden administration official told NBC News.
Concerns about oil supply disruptions in the Middle East have receded, and oil prices have given up most of the gains that followed Iran's Oct. 1 ballistic missile attack on Israel.
Wednesday's energy prices are:
- west texas intermediate November contract: $70.28 per barrel, down 30 cents (0.43%). U.S. crude oil prices have fallen nearly 2% since the beginning of the year.
- brent December contract: $73.94 per barrel, down 31 cents, or 0.42%. Year-to-date, global benchmarks are down about 4%.
- RBOB gasoline November contract: Little changed at $2.0378 per gallon. Year-to-date, gasoline prices have declined by about 3%.
- natural gas November contract: $2.464 per 1000 cubic feet, down 1.36%. Gasoline prices have fallen about 2% since the beginning of the year.
