New York crude oil prices closed the week slightly lower.
On the 11th (local time) at the New York Mercantile Exchange, the near-month November delivery West Texas Intermediate (WTI) crude oil closed at $75.56 per barrel, down $0.29 (0.38%) from the previous trading day. The global benchmark Brent crude for December delivery closed at $79.04 per barrel, down $0.36 (0.45%) from the previous session.
On this day, the market ended the week with a slight decline without any major factors influencing oil prices. This week, oil prices experienced extreme volatility, plunging nearly 5% in a day or surging more than 3%. The super typhoon "Milton," which devastated Florida, causing power outages and fuel hoarding, moved away to other regions, temporarily easing concerns over crude oil supply and demand. When Milton made landfall the previous day, about one-quarter of gas stations in Florida ran out of gasoline, and power was cut off to 3.4 million households and businesses.
The market is paying close attention to the military conflict between Israel and Iran. Earlier, the Israeli government held a meeting to discuss how to retaliate against attacks from Iran, according to local media reports.
On this day, OPEC+, the coalition of major oil-producing countries and the Organization of the Petroleum Exporting Countries (OPEC), announced that oil production in September decreased by 500,000 barrels per day, averaging 40.23 million barrels per day. OPEC+ cited the large-scale shutdown of oil facilities in Libya, reduced exports from Iraq, refinery operations, and direct flaring as the main causes.
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