Crude oil futures ended lower on Thursday as concerns remained over the outlook for demand. Oil prices saw even steeper losses as the US stock market sold off sharply on the heels of a tech selloff. Meanwhile, oil production in the Gulf of Mexico region has seen a significant recovery since the hurricane made landfall on August 27. The Bureau of Safety and Environmental Enforcement estimated that 16.3% of current oil production in the Gulf of Mexico was shut in, rebounding from about 84% around the time Laura reached the Gulf Coast.
Crude oil futures for October lost 14 cents or 0.3 percent to settle at $41.37 a barrel on the New York Mercantile Exchange. November Brent crude declined 36 cents or 0.8 percent to settle at $44.07 a barrel on London's Intercontinental Exchange.