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Crude oil futures settle lower on Wednesday

16 Oct 2025 Evaluate

Crude oil futures settled lower on Wednesday as investors took a cautious approach amid escalating trade tensions between US and China. Besides, looming concerns of oversupply have weighed on crude oil prices. Further, U.S. Treasury Secretary Scott Bessent stated that the extended government closure is costing around $15 billion a day to the U.S. economy. Traders fear that the ongoing government shutdown could affect the demand for energy

Benchmark crude oil futures for November declined $0.43 or 0.73% at $58.27 a barrel on the New York Mercantile Exchange. Brent crude for December delivery decreased $0.48 or 0.77% to settle at $61.91 a barrel on London's Intercontinental Exchange.

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