Oil Drops, WTI Settles at $62 After Prior-Day Gain

Oil prices retreated on Tuesday, erasing the prior session’s gains. NYMEX West Texas Intermediate September contracts settled at $62.35 a barrel, down $1.07, or 1.69%. Brent October futures closed at $65.79, off 81 cents, or 1.22%. The pullback followed Monday’s advance, when WTI ended at $63.42 and Brent at $66.60. Refined product markets also softened. September gasoline on NYMEX settled at $2.0890 a gallon, while diesel closed at $2.2511. September natural-gas futures finished at $2.7660 per million British thermal units.