Oil prices settle lower amid demand concerns, Middle East conflict uncertainty

Oil prices fell during trading on Thursday, at settlement, amid concerns about a decline in energy demand as economic growth in Europe slows, which coincides with traders’ concerns about the uncertainty in the Middle East conflict days before the US presidential election.

According to CNBC, Brent crude futures fell 58 cents, or 0.77%, to settle at $74.38 a barrel.

US crude futures also fell 58 cents, but by 0.82%, to record $70.19 a barrel at settlement, according to Reuters.

The decline in oil futures comes after both benchmarks rose by more than $1 a barrel earlier in Thursday’s session.