Nearly a 1% increase in U.S. crude oil prices pushed them above $71 per barrel.

• Oil prices have bounced back somewhat after selling off steeply last week.
• On Monday, Beijing lowered its benchmark lending rate, providing some assistance to the futures market.

On Tuesday, U.S. crude oil futures continued to increase, following a nearly 2% rise in the previous session.

Despite selling off steeply last week, oil prices have somewhat rebounded. Traders now view a supply disruption in the Middle East due to Israel-Iran tensions as unlikely.

Beijing's decision to cut its benchmark lending rates on Monday has provided some support to the futures market, as weak demand in China has recently impacted prices.

Here are Tuesday's energy prices:

• The November contract price for crude oil is $71.22 per barrel, which represents a 66-cent increase or 0.94% rise. However, year-to-date, U.S. crude oil has experienced a slight decline.
• The December contract price for oil is $74.85 per barrel, which represents a 56 cent increase, or 0.75%, despite the global benchmark declining nearly 3% year to date.
• The price of gasoline in November was $2.0342 per gallon, which represents a 0.97% increase. However, year to date, gasoline has experienced a 3% decline.
• The November contract price for gas is $2.318 per thousand cubic feet, representing a 0.26% increase. However, year to date, gas prices have decreased by almost 8%.