Crude oil futures edged slightly lower on Tuesday, after rallying about 3% in the prior session on fears that the war between Ukraine and Russia is escalating.
President Joe Biden has authorized Ukraine to use long-range missiles to hit targets in Russia in a major departure from Washington’s previous position, according to media reports.
Russian President Vladimir Putin on Tuesday lowered Moscow’s threshold for using nuclear weapons.
Here are Tuesday’s energy prices as of 7:39 a.m. ET:
- West Texas Intermediate December contract: $68.79 per barrel, down 37 cents, or 0.53%. Year to date, U.S. crude oil has declined about 4%.
- Brent January contract: $73.02 per barrel, down 28 cents, or 0.38%. Year to date, the global benchmark has shed about 5%.
- RBOB Gasoline December contract: $2.0133 per gallon, down 0.25%.Year to date, gasoline has fallen about 4%.
- Natural Gas December contract: $2.950 per thousand cubic feet, down 0.77%. Year to date, gas has gained more than 16%.
Stock market futures fell on the growing geopolitical tensions, with Dow futures down more than 200 points.
Biden’s decision comes just two months before he departs office. President-elect Donald Trump campaigned on ending the war in Ukraine.
Moscow’s full-scale invasion of Ukraine roiled global energy markets in 2022 as European nations sought to end their dependence Russian natural gas.