Crude oil futures ended lower for fourth straight session on Wednesday weighed down by data showing another jump in US crude stockpiles and concerns over the outlook for energy demand amid a slowdown in coronavirus vaccinations in several parts of Europe. Data from the Energy Information Administration said crude inventories in the US rose by 2.396 million barrels in the week ended March 13. However, the increase was less than what street had expected. Meanwhile, the International Energy Agency said in its monthly Oil Market Report that global energy demand is unlikely to return to pre-pandemic levels for another two years at least, which weighed on oil prices. It said fuel consumption will average just over 101 million barrels a day in 2023 and growth will be subdued thereafter due to new working habits and a shift away from fossil fuels.
Crude oil futures for April dropped $0.20 or 0.3 percent to settle at $64.60 barrel on the New York Mercantile Exchange. May Brent crude fell $0.44 or 0.6 percent to settle at $67.98 a barrel on London's Intercontinental Exchange.
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