U.S. crude oil regained more than 2% on Wednesday, regaining some ground after prices closed at the lowest level in nearly three years in the previous session.
West Texas Intermediate October contract: $67.44 per barrel, up $1.69, or 2.6%. Year to date, U.S. crude oil has fallen 5.9%.
Brent
November contract: $70.76 per barrel, up $1.57, or 2.2%. Year to date, the global benchmark has declined 8.2%.
RBOB Gasoline October contract: $1.91 per gallon, up 4 cents, or about 2%. Year to date, gasoline has pulled back 9%.
Natural Gas October contract: $2.23 per thousand cubic, little changed. Year to date, gas is down 10.8%.
The steep selloff Tuesday came after the Organization of the Petroleum Exporting Countries lowered its demand growth outlook for the second time in two months, and as China crude oil imports slow in 2024. Eight OPEC+ member are also expected to increase production in December.
Some traders are worried about Brent prices heading toward $60 per barrel, but this level of bearishness is unwarranted. Supply and demand fundamentals point toward stockpiles falling, and prices can only rise if China’s economy rebounds and OPEC+ complies with its own production quotas.
