- Oil prices have bounced back somewhat after selling off steeply last week.
- Beijing cut its benchmark lending rate on Monday, lending some support to the futures market.
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.
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Here are Tuesday's closing energy prices:
- West Texas Intermediate November contract: $72.09 per barrel, up $1.53, or 2.17%. Year to date, U.S. crude oil has risen nearly 1%.
- Brent December contract: $76.04 per barrel, up $1.75, or 2.36%. Year to date, the global benchmark has declined more than 1%.
- RBOB Gasoline November contract: $2.0675 per gallon, up 2.62%. Year to date, gasoline has pulled back more than 1%.
- Natural Gas November contract: $2.304 per thousand cubic feet, down 0.35%. Year to date, gas has fallen about 8%.
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