Crude oil futures turned lower on Thursday, as investors appeared to take profit on the recent rally which has seen oil prices hit multi-month highs on expectations that higher global demand would nudge the market closer toward rebalancing. Traders unwound some of their bullish bets on crude but sentiment on oil remained positive following inventory data on Wednesday showing a surprise draw in crude oil supplies. 

Also, the geopolitical tensions, limited downside momentum as Turkey vowed to deal only with the Iraqi government on crude oil exports after Iraqi Kurdistan voted overwhelmingly in favour of independence earlier this week. Benchmark crude oil futures for November delivery ended lower by $0.58 or 1.1 percent at $51.56 a barrel on the New York Mercantile Exchange. Brent crude for November delivery lost 0.78 percent to $57.17 a barrel on the ICE.

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