U.S. crude oil futures rose Thursday to trade near $75 per barrel, after a two-day losing streak as traders weigh supply disruptions in Libya against slowing demand in China.
Here are Thursday’s energy prices:
- West Texas Intermediate October contract: $74.92 per barrel, up 40 cents, or 0.54%. Year to date, U.S. crude oil has gained 4.6%.
- Brent October contract: $78.87 per barrel, up 26 cents, or 0.34%. Year to date, the global benchmark is ahead 2.5%.
- RBOB Gasoline September contract: $2.22 per gallon, little changed. Year to date, gasoline has advanced 5.7%.
- Natural Gas September contract: $2.07 per thousand cubic feet, down 2 cents, or 1.14%. Year to date, gas has fallen 17.5%
“If you look at the October contract, it has had a range-bound month, but at the end of the day we’re at lower end of the range,” Jeff Kilburg, KKM Financial founder, told CNBC’s “Power Lunch” on Wednesday.
The U.S. benchmark has traded between $71 and $80 per barrel in August.
“The disruptions, that should move crude oil higher,” Kilburg said. “However, the Chinese lack of demand seems to be weighing on the market.”
Rival governments in Libya are locked in a political dispute. The eastern government in Benghazi, which is not internationally recognized, has threatened to shut down all oil production and exports as the U.N.-backed western government in Tripoli seeks to replace the OPEC member’s central bank head.
Oil prices spiked Monday on the threatened disruption, but subsequently pulled back as the market tried to get a clearer picture of just how much crude will fall off the market.
The market is also facing a more bearish demand picture, as surging electric vehicle sales and tepid economic growth in China have weighed on crude futures.