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Crude oil futures end deeply in red on concerns about outlook for energy demand

23 Jun 2022 Evaluate

Crude oil futures ended deeply in red on Wednesday on account of concerns about the outlook for energy demand due to slowing global growth following sharp interest rate hikes by central banks. Meanwhile, US President Joe Biden administration's move to push for fuel cost cuts also weighed on oil prices. To curtail rising gas prices, Biden is expected to call for temporarily suspending the 18.4-cents a gallon federal tax on gasoline.

Benchmark crude oil futures for August delivery fell $3.33 or 3 percent to settle at $106.19 a barrel on the New York Mercantile Exchange. Brent crude for August delivery dropped $3.25 or 2.82 percent to settle at $111.40 a barrel on London's Intercontinental Exchange.