Crude oil futures dipped Tuesday as the recent rally paused, with traders keeping an eye on summer gasoline demand and tensions along the Israel-Lebanon border.
U.S. crude oil and global benchmark Brent are up 5.5% and 4.9%, respectively, for the month, as prices have recovered from their May lows on a more bullish forecast for summer fuel consumption.
These are today’s energy prices:
West Texas Intermediate August contract: $81.27 per barrel, down 38 cents or 0.47%. Year to date, US oil has gained 13.4%.
Brent August contract: $85.66 per barrel, down 35 cents (0.41%). The worldwide benchmark is up 11.2% year to date.
The RBOB Gasoline July contract is $2.50 a gallon, down 0.10%. Petrol prices have risen 19.3% year to date.
Natural gas July contract is $2.80 per thousand cubic feet. Petrol prices have increased 11.5% year to date.
Geopolitical tensions are also rising, with fears that Israel and the Iran-backed group Hezbollah would go to war. OPEC member Iran “would be more inclined to support Hezbollah” if Israel started an offensive in Lebanon.
Source (CNBC)
