U.S. crude oil falls below $76 per barrel, lowest level since early June
China's economy is weighing on the oil market.
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Seagrass on the beach frames an offshore gas rig at dusk on May 10, 2024, near Fort Morgan, AL.
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U.S. crude oil futures on Tuesday fell to the lowest levels since early June as worries about China's economy overshadow a new round of escalation in the Middle East.
"Macroeconomic considerations keep shaping investors' sentiment and oil slid through technical supports like hot knife through butter," Tamas Varga, analyst at oil broker PVM, wrote in a Tuesday note.
"Chinese economic turmoil, including sluggish growth and falling crude oil imports, is still a major driving force for our market," Varga said.
Here are Tuesday's energy prices:
West Texas Intermediate September contract: $75.19 per barrel, down 62 cents, or 0.82%. Year to date, U.S. crude oil has gained 4.9%.Brent September contract: $79.03 per barrel, down 75 cents, or 0.9%. Year to date, the global benchmark has climbed 2.6%.RBOB Gasoline August contract: $2.39 per gallon, down 2 cents, or 0.86%. Year to date, gasoline has gained 13.8%.Natural Gas September contract: $2.00 per thousand cubic feet, down 4 cents, or 1.8%. Year to date, gas is down 20.4%.In the Middle East, meanwhile, Israel is expected to retaliate against the Iran-backed militia Hezbollah, after a rocket fired from Lebanon killed 12 children in the Israeli-occupied Golan Heights.
Israeli officials told Reuters on Monday that Israel wants to hurt Hezbollah, but avoid all-out war.
