In the early morning of the 7th Beijing time, US crude oil futures closed lower on Wednesday, while natural gas futures prices fell sharply. Natural gas futures fell on Wednesday after Russian President Vladimir Putin said Russia would increase fuel supplies to Europe.
The move comes a day after concerns about tight energy supplies pushed natural gas futures prices to their highest level since the end of 2008.
The US Energy Information Administration (EIA) reported on Wednesday that US crude oil stocks rose for the second week in a row, putting pressure on crude oil futures prices.
"every fall in crude oil futures will be a buying opportunity for energy traders because the US will not increase production significantly and economic activity is expected to pick up next year," said Edward Moya, a senior market analyst at Oanda.
He added: "despite Putin's comments, the energy crisis from Europe to Asia is far from over."
West Texas Intermediate (WTI) for November delivery fell $1.50, or 1.9%, to close at $77.43 a barrel on the New York Mercantile Exchange, the first decline in five trading days. The futures price on Tuesday was the highest since late October 2014.
Natural gas futures for November delivery fell 64 cents, or 10.1%, to close at $5.675 per million British thermal units. On Tuesday, the futures closed at $6.312 per million British fever, the highest closing price since December 2008.