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Crude oil futures settle lower on profit booking

21 Jan 2022 Evaluate

Crude oil futures ended lower on Thursday as investors took profits after a recent price rally, and industry data showed US crude and gasoline stocks rose last week. Crude stocks rose by 1.4 million barrels for the week ended January 14 while gasoline inventories rose by 3.5 million barrels, according to the American Petroleum Institute. However, distillate stocks fell by 1.2 million barrels, after last week's 3.035 million barrel increase.

Benchmark crude oil futures for February delivery fell $0.67 or 0.77 percent to settle at $86.29 a barrel on the New York Mercantile Exchange. Brent crude for March delivery lost $0.06 or to settle at $88.38 a barrel on London's Intercontinental Exchange.