Crude futures settle lower

NEW YORK, Oct. 16 (Xinhua) -- Oil prices dipped on Wednesday.

The West Texas Intermediate for November delivery decreased 19 cents, or 0.27 percent, to settle at 70.39 U.S. dollars a barrel on the New York Mercantile Exchange. Brent crude for December delivery lost 3 cents, or 0.04 percent, to settle at 74.22 dollars a barrel on the London ICE Futures Exchange.