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Crude oil futures end deeply in red on Monday

03 Oct 2023 Evaluate

Crude oil futures ended deeply in red on Monday on concerns about prospects of rising supplies in the market as well as outlook for energy demand due to the impact of higher interest rates on economic growth. Crude oil prices also fell on account of rising dollar. Meanwhile, the focus is now on the meeting of the Organization of the Petroleum Exporting Countries (OPEC) and allies on Wednesday (October 4).

Benchmark crude oil futures for November delivery dropped $1.97 or about 2.2 percent to settle at $88.82 a barrel on the New York Mercantile Exchange. Brent crude for December delivery fell $1.49 or about 1.6 percent to settle at $90.71 a barrel on London's Intercontinental Exchange.