Oil prices were largely unchanged on Monday but saw a significant 17% drop for the third quarter due to concerns over weak global demand. Brent crude futures for November delivery fell 21 cents to $71.77 per barrel, while the December contract gained 27 cents to $71.81. West Texas Intermediate (WTI) settled at $68.17, down 16% for the quarter.
Fears of the Middle East conflict impacting oil supply supported prices slightly, but concerns about rising global supplies and weak Chinese demand, despite recent stimulus efforts, weighed heavily on the market. Additionally, Libya’s potential recovery in oil output added to the downward pressure.