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Crude oil futures end lower on concerns over likely drop in energy demand

11 May 2022 Evaluate

Crude oil futures ended lower on Tuesday, magnifying their previous session’ losses, on concerns over a likely drop in energy demand due to slowing global economic growth.  Oil prices were weighed down by concerns over demand from China due to the ongoing lockdowns in the country, and on Saudi Arabia's decision to cut oil prices. Further, a stronger dollar weighed as well on oil prices.

Benchmark crude oil futures for June delivery fell $3.33 or 3.2% percent to settle at $99.76 a barrel on the New York Mercantile Exchange. Brent crude for July delivery drooped $3.14 or 2.98 percent to settle at $102.80 (Provisional) a barrel on London's Intercontinental Exchange.