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Crude oil futures settle deeply in red on concerns about outlook for demand

09 Nov 2024 Evaluate

Crude oil futures ended deeply in red on Friday on concerns about the outlook for demand due to data showing a drop in China's oil imports. China imported a total of 10.53 million barrels per day (bpd) of crude oil in October. That's 9% lower compared to October 2023 and 2% below the import level of 11.07 million bpd in September 2024. Meanwhile, the potential impact of Donald Trump's upcoming presidency weighed as well. The rising U.S. dollar too hurt oil prices.

Benchmark crude oil futures for December delivery fell $1.98 or about 2.7 percent to settle at $70.38 a barrel on the New York Mercantile Exchange. Brent crude for January delivery dropped $1.76 or about 2.33 percent to settle at $73.87 a barrel on London's Intercontinental Exchange.