U.S. crude oil drifts lower, trades below $74 per barrel after selloff

Crude oil futures drifted lower Wednesday after sliding more than 4% the previous day.

The rally spurred by the risk of a wider Middle East war has stalled out amid uncertainty over how Israel will retaliate against Iran for last week’s ballistic missile strike. Chinese policymakers’ failure to deliver new economic stimulus measures at a press briefing this week also held energy prices in check.

Though prices are falling, Goldman Sachs sees global benchmark Brent jumping by $10 to $20 per barrel if an Israeli strike disrupts Iranian crude oil production, according to a Tuesday research note.

Here are Wednesday’s energy prices at around 8:02 a.m. ET:

• West Texas Intermediate November contract: $73.38 per barrel, down 19 cents, or 0.26%. Year to date, U.S. crude oil has gained more than 2%.
• Brent December contract: $77.02 per barrel, down 16 cents, or 0.21%. Year to date, the global benchmark is little changed.
• RBOB Gasoline November contract:  $2.0607 per gallon, down 0.36%. Year to date, gasoline has fallen nearly 2%.
• Natural Gas November contract: $2.695 per thousand cubic feet, down 1.39%. Year to date, gas is ahead about 7%.