COMMODITY
Crude oil futures end in red on Tuesday
Oct-30-2024

Crude oil futures ended in red on Tuesday amid concerns crude supplies will far exceed near term demand. Lingering concerns about the outlook for oil demand from China and OPEC+'s plans to return 2.2 million barrels per day of voluntary production cuts and also add 180 barrels per day for a year beginning in December weighed on oil prices. Meanwhile, Israel's decision to avoid hitting Iran's oil and nuclear facilities helped ease supply disruption concerns and limited the downside in oil prices.

Benchmark crude oil futures for December delivery fell $0.17 or about 0.25 percent to settle at $67.21 a barrel on the New York Mercantile Exchange. Brent crude for December delivery dropped $0.30 or about 0.42 percent to settle at $71.12 a barrel on London's Intercontinental Exchange. 


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