West Texas Intermediate for November delivery was at $47.27 a barrel on the New York Mercantile Exchange, down 55 cents at 8:21 a.m. in London. The contract rose 78 cents to $47.83 on Thursday, capping a 7.1 percent advance over two days. Total volume traded was about 11 percent below the 100-day average. Prices are down about 2.1 percent for the quarter. Brent for November settlement, which expires Friday, lost as much as 67 cents to $48.57 a barrel on the London-based ICE Futures Europe exchange. Prices are up 3.4 percent this month and down 2.1 percent for the quarter. The global benchmark crude was at a premium of $1.37 to WTI. The more-active December contract was 64 cents lower at $49.17 a barrel.
WTI crude oil prices settled lower Monday, amid investor concerns that a tropical storm could dent crude demand. But losses were limited by ongoing expectations for a fall in Iranian crude exports amid looming U.S. sanctions.
As Hurricane Florence barrels toward the coasts of South Carolina and North Carolina, investors have seemingly become concerned that crude demand could come under pressure, hurting oil prices, as people and businesses in the region are expected to hunker down.
Yet there is potential for output as well as demand disruption as storms Isaac and Helene may hit energy production, said Phil Flynn, senior market analyst at Price Futures Group.
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