Oil futures were down at midday Tuesday, but the declines were limited by global supply concerns brought on by ongoing tensions between the U.S. and Iran.
The NYMEX March West Texas Intermediate contract was down about 40cts to $63.95/bbl at about 12:15 p.m. and the April WTI contract was off by about as much to $63.80/bbl.
The ICE April Brent contract was 25cts lower at $68.80/bbl and May Brent was down 30cts to $68.10/bbl.
Both crude benchmarks settled higher in the past two sessions as talks between the U.S. and Iran over the Islamic Republic's nuclear program are expected to continue.
Still, the Transportation Department on Monday said U.S.-flagged commercial vessels transiting the Strait of Hormuz, on of the key oil supply routes from the Middle East, should stay as far as possible from Iranian waters.
Refined product contracts were also trading lower. The NYMEX March RBOB contract was off 2.05cts to $1.965/gal and April RBOB was down 1.55cts to $2.185/gal. The March ULSD contract was 2.70cts lower at $2.39/gal and April ULSD was down 2.65cts to $2.3305/gal.
In U.S. cash refined product markets, Los Angeles CARBOB and Pacific Northwest sub-octane gasoline values were up on stronger differentials to the NYMEX. Most other spot markets largely tracked moves in futures.
This content was created by Oil Price Information Service, which is operated by Dow Jones & Co. OPIS is run independently from Dow Jones Newswires and The Wall Street Journal.
-Reporting by Frank Tang, ftang@opisnet.com; Editing by Jeffrey Barber, jbarber@opisnet.com
(END) Dow Jones Newswires
02-10-26 1307ET
