29.09.202319:43:00UTC+00Oil Futures Pare Early Gains, Settle Notably Lower

Crude oil futures failed to hold early gains and settled notably lower on Friday, with a bit of profit taking, and uncertainty about the outlook for energy demand weighing on prices.

Expectations of supply increases by Russia and Saudi Arabia weighed as well on oil prices.

West Texas Intermediate Crude oil futures for November ended lower by $0.92 or about 1% at $90.79 a barrel, coming off the session's high of $93.10 a barrel.

WTI crude futures added 0.8% in the week, and gained about 8.5% in September. In the July-September quarter, the contract surged 26.5%.

Brent crude futures settled at $92.20 a barrel today, down $0.90 or about 1%. Brent crude futures gained 6.8% in the month, and about 23% in the quarter.

Traders now await the meeting of the Organization of the Petroleum Exporting Countries and allies, including the Russia and Saudi Arabia, scheduled to take place next week. The group is set to review the impact of their production cuts on the market and the way forward.