Crude contracts fell around $1 by midday Tuesday, weighed down by a lower risk premium in the petroleum market a day after the Trump administration allowed Iran to sell oil in dollars, including to U.S. buyers.
At 11:45 a.m. ET, August NYMEX West Texas Intermediate crude contracts were around $1 lower to $72.85/bbl and September WTI was down 80cts to $72.20/bbl.
London-based August ICE Brent was down by $1.05 to $76.85/bbl and September Brent was off about 90cts to $76.60/bbl.
Refined products were mixed, however. The more-active August NYMEX ULSD contract was up 1.95ct to $3.0765/gal and July ULSD was also 1.5cts higher to $3.108/gal. August RBOB was down 5.75cts to $2.822/gal and July RBOB was 7.35cts lower to $2.9135/gal.
A weaker U.S. stock market and a stronger dollar also appeared to dent investor appetite in petroleum futures.
