Tuesday’s decline in oil prices reversed the previous day’s nearly 2% increase, as weak demand in China, the world’s largest oil importer, and intensified efforts by the senior U.S. diplomat to promote a truce in the Middle East continued to pressure the market.
December delivery of Brent crude futures was down 26 cents, or 0.3%, at $74.03 per barrel. On the final day of the contract as the front month, U.S. West Texas Intermediate oil futures for November delivery were 2 cents down at $70.54 per barrel.
December WTI futures, shortly to be the front month, which are traded more often, fell 23 cents, or 0.3%, to $69.81 a contract.
With no reprieve from the conflict in the Middle East and the market continuing to be concerned that Israel’s anticipated reprisal against Iran could impair the oil supply, both Brent and WTI ended the week about 2% higher.
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