U.S. crude oil prices experienced a slight decline on Tuesday, following a significant drop the previous day. The benchmark West Texas Intermediate December contract closed at a slightly lower price, while the Brent December contract also fell slightly.

Year-to-date, U.S. crude has seen a decline, and Brent has also decreased. Energy traders expressed relief regarding recent military actions, as they did not target Iran's oil and nuclear facilities. An analyst from Goldman Sachs noted that current oil prices seem too low compared to market fundamentals, and highlighted demand from the U.S. Strategic Petroleum Reserve and the airline industry. The firm predicts that Brent prices could recover in the fourth quarter, even without disruptions in Middle Eastern oil supply. However, the analyst cautioned that there are risks for 2025, including soft demand in China, robust U.S. production, and plans by OPEC+ to increase crude supply in December.

In related markets, RBOB gasoline prices fell, while natural gas prices rose.