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Crude oil futures end lower on Thursday

12 Feb 2021 Evaluate

Crude oil futures ended lower on Thursday after eight straight days of gains. There is speculation that Saudi Arabia might consider reducing output by less than 1 million barrels per day. Meanwhile. a report from the European Commission, which said in its interim Winter forecast that the near-term outlook for the euro area looks weaker than expected last autumn, as the pandemic tightened its grip on the region. EC expects the euro area to grow 3.8% this year, instead of 4.2% projected previously. The outlook for 2022 was raised to 3.8% from 3%.

Crude oil futures for March fell $0.44 or 0.8 percent to settle at $58.24 barrel on the New York Mercantile Exchange. April Brent crude dropped $0.60 or 0.98 to settle at $60.87 a barrel on London's Intercontinental Exchange.

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