Crude Oil Futures Plummet Amid Bearish Sentiment

International crude oil futures closed sharply lower on September 21 amid strong bearish sentiment.

The settlement price for the U.S. WTI crude oil futures contract for November delivery was $92.37 per barrel, a decline of $3.71 (3.9%). The settlement price for the Brent crude oil futures contract for December delivery was $103.87 per barrel, a decline of $3.05 (3.1%).

This sharp drop in crude prices exerts significant downward pressure on both spot and futures prices for crude oil in the short term.