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Crude oil futures settle lower on Thursday

25 Oct 2024 Evaluate

Crude oil futures ended lower on Thursday as concerns about excess supply and weak crude consumption in China weighed. However, prospects of a possible disruption to supplies due an escalation in Middle East tensions limited the downside in oil prices. Meanwhile, North Korea has allegedly sent troops to support Russia's war on Ukraine, marking a significant escalation in Russia's war against its neighbor.

Benchmark crude oil futures for November delivery fell $0.58 or about 0.8 percent to settle at $70.19 a barrel on the New York Mercantile Exchange. Brent crude for December delivery dropped $0.43 or about 0.57 percent to settle at $74.53 a barrel on London's Intercontinental Exchange.