Oil Prices Retreat as Market Corrects Following Geopolitical Rally

By 12:10 p.m. ET, the November Nymex WTI contract dropped $3.30 to $97.45, while October WTI fell $3.45 to $102.35. Global benchmarks followed suit, with November ICE Brent sliding $3.30 to $105.35 and December Brent retreating $2.85 to $100.45. Refined products mirrored the downward trend, as November ULSD slipped to $4.9875 per gallon and November RBOB gasoline dropped to $3.208.

Traders are weighing these price movements against the latest Energy Information Administration report. While the data revealed a decline in U.S. commercial crude oil stocks for the week ended Friday, both gasoline and distillate inventories saw unexpected increases. This build in supply for refined products has tempered earlier bullish sentiment, forcing a rapid recalibration of energy futures across the board.