Oil settles lower as traders continue to assess the Israel-Gaza war’s impact on supplies

📆 11/10/2023 09:47:00

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📆 11/10/2023 09:47:00
📰 MarketWatch

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Myra P. Saefong, assistant global markets editor, has covered the commodities sector for MarketWatch for 20 years. She has spent the bulk of her years at the company writing the daily Futures Movers and Metals Stocks columns and has been writing the weekly Commodities Corner column since 2005.

Oil futures ended lower on Wednesday for a second straight session. Traders continued to monitor developments tied to the Israel-Gaza war and whether the conflict involved other countries in the oil-rich Middle East region.

“The risk to the world’s crude oil supply is low for now,” said Brian Swan, senior commodity analyst at Schneider Electric, “However, there is a small chance for prices to rise because the United States is looking closely at Iran’s connection with Hamas. If the U.S. decides to impose stricter limits on Iran’s crude oil exports, it could affect how the market looks.” November West Texas Intermediate crude CLX23, -2.72% fell $2.48, or 2.9%, to settle at $83.

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