WTI drifts lower after sell-off [Video]

U.S. crude oil edged lower on Wednesday after selling off steeply in the previous session.

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.

President Joe Biden spoke with Israel Prime Minister Benjamin Netanyahu Wednesday morning as a strike against Iran looms. Israel Defense Minister Yoav Gallant said Israel’s strike will be “lethal, precise and especially surprising,” according to Israeli media.

Here are Wednesday’s closing energy prices:

• West Texas Intermediate November contract: $73.24 per barrel, down 33 cents, or 0.45%. Year to date, U.S. crude oil has gained more than 2%.
• Brent December contract: $76.58 per barrel, down 60 cents, or 0.78%. Year to date, the global benchmark is little changed.
• RBOB GasolineNovember contract: $2.0664 …