Crude contracts fell around $3/bbl around midday Wednesday, hit by expected higher global supply on indications that tanker traffic through the Strait of Hormuz is recovering.
At 11:55 a.m. ET, August NYMEX West Texas Intermediate crude futures were down around $2.80 to $70.40/bbl, on track for the front-month contract's lowest settlement since Feb. 27 just before the U.S. and Israel began attacks on Iran.
September WTI was $2.50 lower to $70.05/bbl.
London-based August ICE Brent crude was off by $3.05 to $74.05/bbl, also set for the cheapest closing price since Feb. 27. September Brent was down by $2.75 to $74.05/bbl.
Refined product futures also tracked crude lower. The more-active August NYMEX RBOB was down 8.35cts to $2.7745/gal and July RBOB was 9.55cts lower to $2.8635/gal. August ULSD was off by 2.4cts to $3.088/gal and July ULSD was down 1.35ct to $3.1410/gal.
