Crude oil futures ended lower on Thursday, extending their previous session losses, amid rising concerns about outlook for energy demand and likely excess supply in the market. There are concerns that a compromise deal between leading OPEC producers could result in a sharp increase in oil supply into an extremely tight market. Worries about demand have resurfaced due to the spread of the Delta variant of the coronavirus and possibility of fresh economic restrictions in several places across the world.
Crude oil futures for August fell $1.48 or 2 percent to settle at $71.65 barrel on the New York Mercantile Exchange. September Brent crude dropped $1.45 or 2 percent to settle at $73.31 a barrel on London's Intercontinental Exchange.