Crude Oil Prices Settle Lower After Yesterday's Spike

After moving sharply higher in the previous session, the price of crude oil fluctuated over the course of the trading day on Thursday before closing in negative territory.

Crude for November delivery slid $0.92 or 1.1 percent $81.23 a barrel after spiking $3.65 or 4.7 percent to $82.15 a barrel on Wednesday.

Concerns about the outlook for energy demand contributed to the pullback by oil prices amid ongoing worries about a potential global recession.

However, a report from Reuters indicating the Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, are considering reducing output at a meeting next week helped limit the downside.

One OPEC source told Reuters a cut was "likely," while two other OPEC+ sources said key members had spoken about the reducing output.

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