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Crude oil futures end lower on demand concerns

06 Apr 2022 Evaluate

Crude oil futures ended lower on Tuesday on concerns about the outlook for energy demand due to a surge in coronavirus cases in China. According to private report, lockdown has been extended in Shanghai, where asymptomatic coronavirus cases rose by a record 13,086 on Monday, up from 8,581 cases a day earlier. Meanwhile, Traders looked ahead to weekly inventory reports from US Energy Information Administration (EIA), due on Wednesday.

Benchmark crude oil futures for May delivery fell $1.32 or 1.3 percent to settle at $101.96 a barrel on the New York Mercantile Exchange. Brent crude for June delivery dropped $1.59 or 1.48 percent to settle at $105.94 a barrel on London's Intercontinental Exchange.