Crude oil futures ended deeply in red on Thursday on concerns about excess supply in the market after reports said OPEC+ will start to return 2.2 million barrels per day of voluntary production cuts to market. A private report said that Saudi Arabia is ready to abandon its price target and is prepared for a period of lower oil prices as OPEC+ closes in on returning voluntary cuts to market beginning in December. Besides, possibility of increased exports from Libya also hurt oil prices. Factions in Libya have reportedly reached a deal that could open the way to the return of some crude production.
Benchmark crude oil futures for November delivery fell $2.02 or 2.9 percent to settle at $67.67 a barrel on the New York Mercantile Exchange. Brent crude for November delivery dropped by $1.86 or 2.53 percent to settle at $71.60 a barrel on London's Intercontinental Exchange.