New York:Oil prices experienced a downturn on Tuesday following a brief surge to a five-month high.
According to Saudi Press Agency, Brent crude futures decreased by 76 cents, equivalent to 0.69%, closing at $108.79 per barrel. During the trading session, the front-month contract had peaked at $111.99, marking its highest point in five months.
In the United States, West Texas Intermediate (WTI) crude futures for November delivery, which expired on Tuesday, saw a drop of $1.87 or 1.8%, settling at $101.79 per barrel. The December WTI contract, which is more actively traded, fell by 72 cents to close at $97.82 per barrel.