Oil futures declined on Tuesday, with U.S. prices posting a loss of nearly 11% for the month. For now, the risks tied to the conflict in the Middle East “appear contained,” said Michael Hewson, chief market analyst at CMC Markets UK.
“However, there remains a clear and present danger that the conflict might spread wider.” December West Texas Intermediate crude CLZ23, -1.36% fell $1.29, or 1.6%, to settle at $81.02 a barrel on the New York Mercantile Exchange. Prices for the front-month contract lost 10.8% for the month and settled at their lowest since Aug. 28, according to Dow Jones Market Data.
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