The U.S. benchmark has now recouped most of its losses for the year.
Crude futures are on the rebound after the Fed surprised many in the market with a big rate cut.U.S. crude oil rose nearly 1% on Thursday, one day after the Federal Reserve slashed interest rates for the first time in more than four years and as tensions in the Middle East continued to escalate.October contract: $71.54 per barrel, up 63 cents, or about 0.9%. Year to date, U.S. crude oil is little changed.November contract: $74.37 per barrel, up 72 cents, or about 1%.
Israeli Defense Minister Yoav Gallant said Wednesday that his country's focus is shifting from Gaza to the northern border with Lebanon, where someOil market analysts have warned for months that an all-out war between Israel and Hezbollah, which until now have traded rocket fire, could force OPEC member Iran to directly intervene, raising the risk of disruptions to Middle East crude oil supplies.
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