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07-Sep2018

Crude oil futures end lower as demand concerns persist

Magnifying their previous session's fall, Crude oil futures ended lower with prices at their lowest levels in more than two weeks on Thursday, pressured by concerns over a potential decline in global demand on the back of the US trade dispute with China and economic woes in emerging markets. Besides, prices declined despite the Energy Information Administration reported that domestic crude supplies fell by 4.3 million barrels for the week ended August 31. That was larger than the 2.5 million-barrel fall expected by S&P Global Platts, and the decrease of 1.2 million barrels reported by the American Petroleum Institute. Supply data were released a day later than usual due to Monday's Labor Day holiday.

Benchmark crude oil futures for October fell 95 cents or 1.4 percent to settle at $67.77 a barrel on the New York Mercantile Exchange. November Brent crude dropped 77 cents or 1% to settle at $76.50 a barrel on London's Intercontinental Exchanged.


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