Brent crude settles lower, extends quarterly losses to 14%

Crude oil prices closed mixed today, Sept. 30, but continued their downward trend for the third consecutive month due to concerns about global demand.

Brent crude futures for November delivery (which expires today) slipped 0.3% to $71.77 a barrel, recording monthly and quarterly losses of 6.7% and 14%, respectively.

WTI crude for November delivery settled at $68.17 per barrel, but recorded monthly and quarterly losses of 6.15% and 13.7%, respectively.

According to a report by the Energy Information Administration, total monthly US crude oil production in July rose to 409.3 million barrels, while demand for oil (measured by crude and its derivatives supplied to the market) increased to 634.95 million barrels.

Russian Deputy Prime Minister Alexander Novak downplayed the impact of tensions in the Middle East on global oil prices, saying they would not cause major fluctuations because geopolitical risks were already taken into account by investors.