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Crude oil futures end lower on profit booking

14 Jan 2022 Evaluate

Crude oil futures ended lower on Thursday as investors took profits after two days of gains amid fears of aggressive US interest rate hikes. However, the losses were cushioned by expectations that a strong economic recovery will boost demand. Meanwhile, there is speculation that Omicron is not severe enough to derail a global demand recovery and cold weather in North America.

Benchmark crude oil futures for February delivery fell $0.52 or 0.6 percent to settle at $82.12 a barrel on the New York Mercantile Exchange. Brent crude for March delivery declined $0.49 or 0.24 percent to settle at $84.47 a barrel on London's Intercontinental Exchange.