Crude Benchmark Nears $85 | Gulf Coast Oil Rig Equipment & Repair
A day after settling just two cents shy of the $85 mark, the Brent futures contract on Tuesday again failed to end trading above that threshold.
The benchmark ultimately fell 18 cents to settle at $84.80.
The West Texas Intermediate (WTI) futures price for November slipped by 7 cents to settle at $75.23 a barrel after peaking near $76 – $75.91, to be exact. The intraday low for the WTI Tuesday was $74.93.
Although crude oil prices settled lower Tuesday, bullish sentiment continues as traders weigh the pending return of U.S. sanctions on Iran and the removal of the Islamic Republic’s oil rig flanges gulf coast production from the world market. One related factor contributing to some of the highest oil prices since 2014 are concerns that OPEC members and Russia cannot fill the gap that Iran will leave.
In addition, , the recent trilateral trade deal struck by the United States, Mexico and Canada to replace the North American Free Trade Agreement appears to have had a positive effect on oil prices.
November reformulated gasoline also ended the day slightly lower, settling just under $2.13.
Henry Hub natural gas futures bucked Tuesday’s trend with the other benchmarks, gaining 7 cents. Natural gas settled at $3.17 after trading from just under $3.11 to more than $3.19.