Crude oil futures ended lower on Thursday after a volatile session, a day after their biggest daily dive in two years, as Russia pledged to fulfil contractual obligations and some traders said supply disruption concerns were overdone. Russian President Vladimir Putin said that the country, a major energy producer which supplies a third of Europe’s gas and 7% of global oil, would continue to meet its contractual obligations on energy supplies.
Benchmark crude oil futures for April delivery dropped $2.68 or 2.5 percent to settle at $106.02 a barrel on the New York Mercantile Exchange. Brent crude for May delivery declined $1.55 or1.38 percent to settle at $109.59 a barrel on London's Intercontinental Exchange.