Key Points
HOUSTON (Reuters) -Brent and U.S. crude futures fell $3 a barrel on Tuesday because of a pause in the conflict between Israel and Iran as well as growing confidence a massive hurricane would miss major oil production areas in the U.S.-regulated northern Gulf of Mexico...
U.S. West Texas Intermediate futures were down $3.22, or 4.17%, at $73.92 a barrel...
Some analysts said an attack on Iranian oil infrastructure was unlikely and warned oil prices could face considerable downward pressure if Israel focuses on any other target...
Although it would be irresponsible to claim that the dust has settled on Irans direct and ominous involvement in the conflict, for now the threats of Israeli assaults on Iranian oil infrastructure have not materialized yet, said PVM analyst Tamas Varga...
In the United States, Hurricane Milton intensified into a Category 5 storm on its way to Florida after forcing at least one oil and gas platform in the Gulf of Mexico to shut on Monday.. Traders will also be looking out for the latest U.S. crude oil inventory data, with analysts expecting stocks to rise by 1.9 million barrels in the week ended Oct. 4, according to a preliminary Reuters poll...
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