WASHINGTON (dpa-AFX) - Oil futures settled lower on Wednesday, weighed down by concerns about weak demand from China and slightly easing geopolitical worries.
Worries about supply disruptions eased a bit after Israel told U.S. that it will not strike at Iran's oil and nuclear facilities.
A downward revision in global demand forecast by the International Energy Agency (IEA) weighed as well on oil prices.
West Texas Intermediate Crude oil futures for November ended down $0.19 at $70.39 a barrel.
Brent crude futures settled at $74.22 a barrel, down $0.03 from the previous close.
The American Petroleum Institute releases its weekly inventory report later in the day, followed by the government's figures on Thursday. The reports are coming a day later than normal following a federal holiday.
Investors also await concrete details on Chinese stimulus plans. It is believed a press briefing by China's housing minister on Thursday will likely provide more details of measures to promote the 'steady and healthy' development of the property sector.
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