Oil Prices Keep Climbing

West Texas Intermediate (WTI) and Brent crude oil finished higher Tuesday, climbing for the third consecutive session.

The September WTI added 13 cents to end the day at $56.34 per barrel. The light crude contract traded within a range from $55.28 to $56.60.

Brent crude for October delivery also edged upward Tuesday. In fact, it managed to close above the psychologically important $60-mark – $60.03 per barrel, to be exact. Tuesday’s settlement represents a 29-cent day-on-day gain for the Brent.

A Bloomberg article posted to Rigzone earlier Tuesday notes that crude oil prices had stabilized amid suggestions that the ongoing trade battle between the U.S. and China may be cooling off. Moreover, the news service noted that financial markets are awaiting a speech Friday by U.S. Federal Reserve Chairman Jerome Powell – and any signs that the Fed plans to cut interest rates further to bolster the economy.

Reformulated gasoline (RBOB) also showed positive movement Tuesday. The September RBOB marker settled at $1.68 per gallon, reflecting a nearly two-cent gain.

September Henry Hub natural gas futures rose by nearly one cent, ending the day at $2.22.

To contact the author, email mveazey@rigzone.com.