Crude oil futures ended lower on Thursday as the United States and its allies discussed a possible further coordinated release of oil from storage to help calm energy markets in the wake of Russia’s invasion of Ukraine. Meanwhile, White House national security adviser Jake Sullivan said the United States and its allies had made progress in Iran nuclear talks but issues remained. A lifting of Iranian export restrictions would help alleviate the immense tightness prevalent in crude markets right now.
Benchmark crude oil futures for May delivery fell $2.10 or 1.8 percent to settle at $112.82 a barrel on the New York Mercantile Exchange. Brent crude for May delivery dropped $1.99 or 1.6 percent to settle at $119.61 a barrel on London's Intercontinental Exchange.