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Crude oil futures end slightly lower on Friday

21 Sep 2024 Evaluate

Crude oil futures ended slightly lower on Friday as investors opted to book profits after recent strong upward move amid escalating tensions in the Middle East and a bigger than expected drop in U.S. crude stockpiles last week. Oil futures posted strong gains earlier in the week on supply concerns due to tensions in the Middle East. According to reports, Israel has launched major strikes on Lebanon. Israel said warplanes struck hundreds of multiple-rocket-launcher barrel.

Benchmark crude oil futures for October delivery fell $0.03 to settle at $71.92 a barrel on the New York Mercantile Exchange. Brent crude for November delivery was down by $0.19 or 0.25 percent to settle at $74.69 a barrel on London's Intercontinental Exchange.