Crude oil prices settled lower on Friday as investor attention shifted to a potential disruption to energy infrastructure in the Gulf of Mexico as Tropical Storm Nate bears down on the region amid renewed oversupply concerns.

On the New York Mercantile Exchange, crude futures for November delivery fell 2.95% to settle at $49.29 a barrel, while on London’s Intercontinental Exchange, Brent 2.23% to trade at $55.70 a barrel.

Crude oil prices slumped to a weekly loss for the first time in four weeks as investors braced for a potential disruption to some oil production in the Gulf of Mexico as Tropical Storm Nate is expected to arrive at a Hurricane on Sunday.



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