Crude oil futures close lower as concerns about supply disruptions remain.

Crude oil prices closed lower as of 11 October 2023, however it managed to rebound from its lowest point as worries regarding possible supply disruptions from the Israel-Palestinian conflict eased. Adapting with current situation, traders continue to remain vigilant.

Although Israel's crude oil production is minimal, concerns have arisen in the markets that an escalation of the conflict could negatively impact Middle East supply.

On a more positive note, Venezuela and the U.S. are in talks that might ease sanctions for Caracas, allowing an additional foreign oil company to buy Venezuelan crude oil under certain conditions.

Brent crude settled down 50 cents, or 0.57%, at $87.65 a barrel.

U.S. West Texas Intermediate (WTI) crude slid 41 cents to finish at $85.97 a barrel.

At the session low, both benchmarks were down by more than $1.