Oil prices settle lower

Brent crude ended Thursday at USD114.88 a barrel, down 44 cents or 0.38 percent, while US WTI settled at USD102, off 78 cents or 0.76 percent. Business Recorder reported that both contracts had dropped by more than USD2 earlier in the session, before recovering part of those losses.

Fresh diplomatic efforts involving the US, Iran and Qatari mediators weighed on prices, while attacks and security concerns across the region limited the decline. Reports included a missile strike targeting Saudi Aramco and three tankers reportedly hitting sea mines near the Strait of Hormuz. Expectations of increased Russian crude and diesel output also restrained prices, while US crude and distillate inventories fell in the week ended October 23 and gasoline stocks rose.