Oil ends lower for the session, with U.S. prices down nearly 11% for the month

Oil futures declined on Tuesday, with U.S. prices posting a loss of nearly 11% for the month. For now, the risks tied to the conflict in the Middle East “appear contained,” said Michael Hewson, chief market analyst at CMC Markets UK. “However, there remains a clear and present danger that the conflict might spread wider.” December West Texas Intermediate crude
CLZ23,
-1.41%
fell $1.29, or 1.6%, to settle at $81.02 a barrel on the New York Mercantile Exchange. Prices for the front-month contract lost 10.8% for the month and settled at their lowest since Aug. 28, according to Dow Jones Market Data.