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Crude oil futures end lower on concerns about outlook for energy demand

07 Jul 2022 Evaluate

Crude oil futures ended lower on Wednesday, magnifying their previous session’s losses, on concerns about outlook for energy demand due to a surge in Covid-19 cases in China and fears over a possible recession.  Further, the dollar's continued strength amid expectations of a series of sharp interest rate hikes by the Federal Reserve weighed as well on oil prices.

Benchmark crude oil futures for August delivery dropped $0.97 or 1 percent to settle at $98.53 a barrel on the New York Mercantile Exchange. Brent crude for September delivery fell $2.22 or 2.16 percent to settle at $100.55 (Provisional) a barrel on London's Intercontinental Exchange.