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Crude oil futures end lower on Monday

17 Oct 2023 Evaluate

Crude oil futures ended lower with cut of over one percent on Monday amid expectations that oil supply situation will improve if US sanctions on Venezuela could ease in the event of Caraca agreeing to an election date. Oil prices fell despite fears the ongoing Israel-Hamas war might fuel a wider conflict in the Middle East. 

Benchmark crude oil futures for November delivery fell $1.03 or about 1.2 percent to settle at $86.66 a barrel on the New York Mercantile Exchange. Brent crude for December delivery dropped $1.24 or about 1.4 percent to settle at $89.65 a barrel on London's Intercontinental Exchange.