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.