Crude oil futures gave up initial gains and ended lower on Friday. In early trade, oil prices moved upward amid fears the Israel-Hamas war may escalate into a broader regional crisis. Israeli Defense Minister Yoav Gallant told troops gathered at the Gaza border on Thursday that they would soon see the Palestinian enclave from inside. However, gains got vanished over the course of the session as traders expressed concerns about the outlook for global demand.
Benchmark crude oil futures for November delivery fell $0.62 or 0.7 percent to settle at $88.75 a barrel on the New York Mercantile Exchange. Brent crude for December delivery declined 22 cents or 0.2 percent to settle at $93.16 a barrel on London's Intercontinental Exchange.