Crude oil futures once again ended in red on Friday as investors braced for a potential disruption to some oil production in the Gulf of Mexico, with Tropical Storm Nate expected to arrive as a Hurricane on Sunday amid renewed oversupply concerns, as the wide gap between Crude and Brent prices is expected to incentivize US producers to ramp up production and exports. Ongoing geopolitical uncertainty in Iraq too weighed down the sentiments, as the fallout over an independence referendum in Iraq’s Kurdistan region threatens to disrupt supply.

Benchmark crude oil futures for November delivery ended lower by $1.49 or 2.95 percent at $59.29 a barrel on the New York Mercantile Exchange. Brent crude for November delivery lost 2.23 percent to $55.70 a barrel on the ICE.

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