Oil futures declined on Wednesday, with U.S. prices settling at their lowest in roughly three weeks. “Prices remain in negative territory, with various geopolitical influences — from an oil tanker being hit by a bomb-carrying drone off the coast of Oman, to Russia tensions — being largely dismissed in favor of a focus on the more bearish elements such as weak Chinese economic data and demand,” said Matt Smith, lead oil analyst, Americas, at Kpler. U.S. benchmark West Texas Intermediate crude for December delivery CLZ22 fell $1.33, or 1.5%, to settle at $85.59 a barrel on the New York Mercantile Exchange, the lowest finish for a most-active contract since Oct. 25, FactSet data show.
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