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Crude oil futures settle flat on Tuesday

18 Oct 2023 Evaluate

Crude oil futures ended flat on Tuesday as investors continued to track the developments on the geopolitical front and weighing the outlook for global demand and supply. Meanwhile, market participants were awaiting U.S. President Joe Biden's visit to Israel on Wednesday. Biden is visiting Israel to show solidarity and try to influence the conduct of its war against Hamas. Besides, investors were also awaiting weekly oil reports from the American Petroleum Institute (API) and U.S. Energy Information Administration (EIA).

Benchmark crude oil futures for November delivery settled flat at $86.66 a barrel on the New York Mercantile Exchange. Brent crude for December delivery added $0.25 or about 0.27 percent to settle at $89.90 a barrel on London's Intercontinental Exchange.