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Crude oil futures end lower on demand concerns

29 Jun 2021 Evaluate

Crude oil futures ended lower on Monday, pulling back after a recent rise to their highest levels since October 2018. Concerns about outlook for energy demand following new travel restrictions in some European countries, including Germany, Spain and Portugal, and fresh lockdown moves in Australia amid concerns over the spread of the delta variant of Covid-19 weighed on oil prices. Traders were also a bit reluctant to create fresh long positions ahead of the upcoming meeting of the Organization of the Petroleum Exporting Countries and their allies (OPEC+), due this Thursday.

Crude oil futures for August dropped $1.14 or 1.5 percent to settle at $72.91 barrel on the New York Mercantile Exchange. August Brent crude fell $1.50 or 2 percent to settle at $74.68 a barrel on London's Intercontinental Exchange.