Crude oil futures ended lower on Monday on private report that Israel and Hezbollah are likely to reach a cease-fire agreement within the next few days. According to report, Israel has agreed to a ceasefire deal with Lebanon, although its continues to bombard Beirut and Hezbollah militia fires rockets into northern Israel. Meanwhile, the dollar drifted notably lower after President-elect Donald Trump chose hedge fund manager Scott Bessent for Treasury Secretary.
Benchmark crude oil futures for December delivery fell $2.30 or about 3.2 percent to settle at $68.94 a barrel on the New York Mercantile Exchange. Brent crude for January delivery dropped $2.07 or about 2.8 percent to settle at $72.56 a barrel on London's Intercontinental Exchange.