Futures Movers: Oil tallies a two session decline of more than 4%

Oil futures fell sharply Thursday to tally a drop of more than 4% in two sessions, as a fourth straight weekly climb in U.S. crude inventories helped ease concerns over tight global supplies, with the U.S. set to impose sanctions on Iranian oil next month.

Natural-gas prices, meanwhile, dropped almost 4% after data from the Energy Information Administration on Thursday revealed a weekly rise that generally met market expectations, but also showed that total supplies of the fuel in storage climbed to their highest level since late 2017.

November futures on the U.S. benchmark, West Texas intermediate crude CLX8, +0.20% fell $1.10, or 1.6%, to settle at $68.65 a barrel on the New York Mercantile Exchange, tallying a two-session loss of more than 4%.

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