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Crude oil futures end deeply in red on Tuesday

16 Oct 2024 Evaluate

Crude oil futures ended deeply in red on Tuesday as fears about supply disruptions faded on reports Israel will avoid targeting Iran's oil and nuclear sites. According to a private report, Israeli Prime Minister Netanyahu told U.S. that he is willing to strike military rather than oil or nuclear facilities in Iran. Besides, the OPEC and the International Energy Agency's downward revisions in their oil demand forecast for 2024 also weighed on oil prices.

Benchmark crude oil futures for November delivery fell $3.25 or about 4.4 percent to settle at $70.58 a barrel on the New York Mercantile Exchange. Brent crude for December delivery dropped by $3.21 or about 4.14 percent to settle at $74.25 a barrel on London's Intercontinental Exchange.