U.S. oil futures fell below the $90-a-barrel mark, with the front-month contract settling down 3.5% to $89.38 a barrel. It makes it 7 out of the past 10 sessions that oil has fallen, and is the lowest settlement for the front-month contract since August 31. Pressuring crude is the resumption of oil flowing through Saudi Arabia's East-West pipeline, as well as indications of more oil making it through the Strait of Hormuz. "The market is… watching Hormuz and the total Middle East outflows closely," says Claudio Galimberti of Rystad Energy in a note. Brent crude futures settled down 2.6% to $102.59 a barrel.
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