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MoneyWorks4Me

Crude oil futures end deeply in red on Tuesday

09 Oct 2024 Evaluate

Crude oil futures ended deeply in red on Tuesday as supply disruptions concerns eased a bit on reports Israel is unlikely to attack Iranian oil facilities, and instead would focus on Iranian military installations. Besides, worries about Chinese growth outlook and concerns about demand slowdown hurt as well. China's National Development and Reform Commission pledged more measures to boost the Chinese economy but gave little in the way of details.

Benchmark crude oil futures for November delivery fell $3.57 or about 4.63 percent to settle at $73.57 a barrel on the New York Mercantile Exchange. Brent crude for December delivery dropped by $3.75 or about 4.63 percent to settle at $77.18 a barrel on London's Intercontinental Exchange.