Oil Ends October at Lowest Level in Five Months

Oil prices declined on Friday to settle at their lowest closing level in about five months, as a negative outlook for the recovery of global demand persists, with uncertainty surrounding the future of output cuts.

Brent crude futures for December delivery declined by 19 cents, or 0.5%, and closed at the level of $37.46 per barrel.

The global benchmark futures for January delivery lost 32 cents, or 0.8%, and finished at $37.94 per barrel.

Meanwhile, the West Texas Intermediate (WTI) futures for December delivery plunged by 38 cents, or nearly 1.1%, and finished at $35.79 per barrel.

For the month, Brent futures lost 8.5%, while the US WTI contract declined by 11%.