U.S. crude oil fell below $81 a barrel Wednesday in the third straight day of losses as hopes for ceasefire in Gaza and growing concerns about the future course of interest rates in the U.S. weighed on prices.
U.S. crude oil is now off 8% from its intraday high for the year of $87.67, when traders bid up prices on fears that Iran and Israel were on the brink of war.
West Texas Intermediate: June contract: $80.46 a barrel, down $1.43, or 1.75%. Year to date, U.S. crude oil is up 12.6%.
Brent July contract: $84.99 a barrel, down $1.34, or 1.55%. Year to date, the global benchmark is up 10.5%.
RBOB Gasoline June: $2.66 a barrel, down 1.26%. Year to date, gasoline is up 26.7%.
Natural Gas: June contract: $1.94 per thousand cubic feet, down 2.4%. Year to date, natural gas is down 22.6%.
Traders will be closely monitoring the Federal Reserve’s meeting Wednesday for any indication of the central bank’s future course on interest rates.
