2023.10.1719:45:00UTC+00Oil Futures Settle Flat

Crude oil futures settled flat on Tuesday after a somewhat lackluster session as investors continued to track the developments on the geopolitical front and weighing the outlook for global demand and supply.

West Texas Intermediate Crude oil futures for November ended at $86.66 a barrel, unchanged from the previous close.

Brent crude futures settled higher by $0.25 at $89.90 a barrel.

Markets are awaiting U.S. President Joe Biden's visit to Israel on Wednesday. Biden is visiting Israel to show solidarity and try to influence the conduct of its war against Hamas.

Amid concerns about slowing global growth, traders also await a slew of Chinese data, including reports on GDP, retail sales and industrial production on Wednesday for direction.

Meanwhile, in a significant announcement, Libya said it would ramp up its oil production to two million barrels per day before the close of the decade.

Investors are also awaiting weekly oil reports from the American Petroleum Institute (API) and U.S. Energy Information Administration (EIA).