Crude oil futures ended lower on Thursday on concerns about outlook for energy demand after a report from the International Energy Agency (IEA) said oil demand growth will likely slow down in the second half of the year. The IEA said in its report that it sees a significant drop in global oil demand for the rest of this year due to imposition of new coronavirus restrictions in several major oil consumer countries, particularly in Asia. It said ‘We now estimate that demand fell in July as the rapid spread of the COVID-19 Delta variant undermined deliveries in China, Indonesia and other parts of Asia.’
Crude oil futures for September fell $0.16 or 0.2 percent to settle $69.09 barrel on the New York Mercantile Exchange. October Brent crude dropped $0.13 or 0.2 percent to settle at $71.31 a barrel on London's Intercontinental Exchange.