The recent downward movement of crude oil futures continued Thursday.

The recent downward movement of crude oil futures continued Thursday, stoked by escalating strife between the United States and Saudi Arabia as well as increasing U.S.

crude oil inventories.

“Oil prices continued to fall further on Thursday amid concerns of weakening fundamentals,” Delia Morris, Houston-based commodity pricing analyst, told Rigzone. “A ratcheting up of geopolitical tensions between the U.S. and Saudi Arabia dragged down equity markets, which had a knock-on effect on oil prices.”

The November West Texas Intermediate (WTI) futures price fell by $1.10 during Thursday’s session, settling at $68.65 a barrel. The benchmark did manage to clear the $70 mark - $70.03, to be exact – but Thursday’s settlement price was closer to the $68.47 intraday low.

“With U.S. oil oil rig flanges gulf coast production continuing apace, combined with the lack of adequate takeaway capacity from the Permian basin, plus maxed-out crude gulf coast oil rig export capacity from the U.S. Gulf Coast, bullish sentiment has weighed heavily on the U.S. benchmark,” noted Morris.

Thursday was something of a milestone for the December Brent futures price, which dropped by 76 cents to end the session at $79.29.

“The Brent front-month contract settled below $80 per barrel for the first time in a month, mostly off fears of rising crude storage levels and global economic growth fears,” said Morris.

Also moving downward Thursday was November reformulated gasoline (RBOB), which lost 3 cents to settle at $1.89 a gallon.

November Henry Hub natural gas futures, which have had a bullish streak for much of the past week, lost a penny to end trading at just under $3.20.