Crude oil futures ended marginally lower on Thursday on concerns about excess supply in the market following the decision of the International Energy Agency to release oil from its reserve. Further, concerns about the outlook for energy demand due to the virus outbreak in Shanghai and the resultant fresh lockdown measures weighed as well on oil prices. However, downside remained capped after the United States issued another round of sanctions on Russia.
Benchmark crude oil futures for May delivery lost $0.20 or 0.2 percent to settle at $96.03 a barrel on the New York Mercantile Exchange. Brent crude for June delivery dropped $0.55 or 0.54 percent to settle at $100.52 a barrel on London's Intercontinental Exchange.