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Crude oil futures end lower on Tuesday

23 Mar 2022 Evaluate

Crude oil futures ended lower on Tuesday on reports that European Union foreign ministers are split on the issue of banning Russian oil. Traders chose to book profits amid concerns over demand due to a surge in Covid-19 cases in China. Further, oil was also weighed down by a steady dollar after Federal Reserve Chair Jerome Powell hinted at tighter monetary policy to rein in inflation.

Benchmark crude oil futures for April delivery fell $0.36 or 0.3 percent to settle at $111.76 a barrel on the New York Mercantile Exchange. Brent crude for May delivery dropped $0.16 or 0.15 percent to settle at $115.46 a barrel on London's Intercontinental Exchange.