Crude oil and diesel contracts were up at midday Friday, underpinned by concerns over reduced Russian petroleum supplies and an increasing likelihood the Federal Reserve will cut interest rates.
The January NYMEX West Texas Intermediate contract was up 25cts to $59.90/bbl at about noon ET and the February WTI contract added about as much to $59.55/bbl.
The ICE February Brent contract was 30cts higher at $63.55/bbl and March Brent was up by the same to $63.15/bbl.
Both oil benchmarks are on track to settle higher for a third-straight day.
Distillate futures gains were outpacing those increases in gasoline contracts.
The January ULSD contract was up 5.65cts to $2.3605/gal and February ULSD was 4.65cts higher at $2.328/gal. The January RBOB contract was 0.55ct higher at $1.8325/gal and February RBOB was up by 0.6ct to $1.834/gal.
Petroleum futures and U.S. stocks were both rising after a delayed September readout of the Federal Reserve's Personal Consumption Expenditure index was lower than expected, suggesting the central bank may be more willing to drop interest rates when it meets next week.
In addition, analysts said an apparent impasse in U.S. efforts to broker a peace deal between Ukraine and Russia will likely lead to more Ukrainian attacks against Russian energy infrastructure, including refineries, pipelines and terminals.
Further, tougher EU sanctions on Russia's major oil companies could reduce crude supply.
This content was created by Oil Price Information Service, which is operated by Dow Jones & Co. OPIS is run independently from Dow Jones Newswires and The Wall Street Journal.
--Reporting by Frank Tang, ftang@opisnet.com; Editing by Jeff Barber, jbarber@opisnet.com
(END) Dow Jones Newswires
December 05, 2025 12:35 ET (17:35 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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