WTI crude futures settle lower after early gains fade

1628 ET - Oil futures give up early gains and settle lower as the market remains optimistic about crude flows out of the Middle East, although continuing conflict in the region limits pullbacks. WTI fell 1.3% to $88.28 a barrel despite an unexpected 3.2 million barrel weekly inventory draw reported by the EIA and production being shut in as Tropical Storm Isaias is seen reaching the U.S. Gulf coast as a hurricane on Friday. The U.S. Marine Minerals Administration said 511,619 barrels a day, or 25% of current Gulf production, had been shut in as of midday Wednesday. Brent crude settles down 0.4% at $100.20 a barrel. (anthony.harrup@wsj.com) (END) Dow Jones Newswires October 07, 2026 16:28 ET (20:28 GMT) Copyright (c) 2026 Dow Jones & Company, Inc. The statements in this document shall not be considered as an objective or independent explanation of the matters. Please note that this document (a) has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and (b) is not subject to any prohibition on dealing ahead of the dissemination or publication of investment research.