COMMODITY
Crude oil futures settle lower on Friday
Sep-30-2023

Crude oil futures extended their southward journey and settled lower on Friday amid uncertainty about the outlook for energy demand. Expectations of supply increases by Russia and Saudi Arabia weighed as well on oil prices. Traders also remained on sidelines ahead of the meeting of the Organization of the Petroleum Exporting Countries and allies, including the Russia and Saudi Arabia, scheduled to take place next week. The group is set to review the impact of their production cuts on the market and the way forward.

Benchmark crude oil futures for November delivery dropped $0.92 or about 1 percent to settle at $90.79 a barrel on the New York Mercantile Exchange. Brent crude for November delivery fell $0.90 or about 1 percent to settle at $92.20 a barrel on London's Intercontinental Exchange.

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