Crude Oil Turns Lower After Early Move To The Upside

(RTTNews) - After an early move to the upside, the price of crude oil gave back ground over the course of the trading session on Friday.

Crude futures for November delivery, which expire on Friday, rose as high as $90.78 a barrel before pulling back and closing down $0.62 or 0.7 percent at $88.75 a barrel.

The more active December futures slipped $0.29 or 0.3 percent to $88.08 a barrel after reaching a high of $89.85 a barrel.

The early advance by oil prices came amid fears the Israel-Hamas war may escalate into a broader regional crisis.

Israeli Defense Minister Yoav Gallant told troops gathered at the Gaza border on Thursday that they would soon see the Palestinian enclave "from inside."

Additionally, reports emerged that U.S. troops are being targeted at several military bases across Iraq and Syria, while a U.S. Navy warship destroyed cruise missiles and drones fired toward Israel by Houthi rebels in Yemen.

Buying interest waned over the course of the session, however, as traders expressed concerns about the outlook for global demand.