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12-Apr2019

Crude oil futures end lower on Thursday

Crude oil futures ended lower on Thursday as a monthly report from an International Energy Agency (IEA) warned that a slowdown in global economic growth could hurt demand for crude. That IEA report comes a day after a monthly Organization of the Petroleum Exporting Countries (OPEC) report showed a significant March output cut by the OPEC, which the IEA report also affirmed. Demand for crude among countries within the Organization for Economic Cooperation and Development, or OECD, including Australia, Canada and Belgium, fell by 300,000 barrels a day in the fourth quarter of 2018, marking the first quarterly demand decline for the group since 2014.

Benchmark crude oil futures for May dropped $1.04 or 1.6 percent to settle at $63.58 a barrel on the New York Mercantile Exchange. June Brent crude declined 95 cents or 1.3 percent to settle at $70.78 a barrel on London's Intercontinental Exchange.


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