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Crude oil futures end lower on Monday

05 Jan 2021 Evaluate

Crude oil futures ended lower on Monday on concerns over outlook for energy demand and on reports about the Oragnization of the Petroleum Exporting Countries (OPEC) and allies' failure to reach an agreement on crude output. The OPEC and allies, including Russia, will now meet again on Tuesday to decide whether they can continue to restore crude supplies without capsizing the price recovery. OPEC+ raised output by 500,000 barrels per day this month. However, some members are against further increasing output from next month due to the surge in coronavirus cases.

Crude oil futures for February fell $0.90 or 1.9 percent to settle at $47.62 a barrel on the New York Mercantile Exchange. March Brent crude dropped $0.71 or 1.4 percent to settle at $51.09 a barrel on London's Intercontinental Exchange.

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