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Crude oil futures end lower on Thursday

24 Jun 2022 Evaluate

Crude oil futures ended lower on Thursday, magnifying their previous session’s losses, on concerns about outlook for energy demand amid rising possibility of a recession. Federal Reserve Chair Jerome Powell fanned worries US interest rate hikes would slow economic growth. Powell said the Fed’s focus on curbing inflation was unconditional and the labor market was unsustainably strong, comments that stoked fears of more rate hikes.

Benchmark crude oil futures for August delivery fell $1.92 or 1.8 percent to settle at $104.27 a barrel on the New York Mercantile Exchange. Brent crude for August delivery dropped $1.69 or 1.5 percent to settle at $110.05 a barrel on London's Intercontinental Exchange.