Crude oil futures ended lower on Thursday amid fears of a possible recession due to rising interest rates. It is widely expected that the Federal Reserve will hike interest rates by 75 basis points or 100 basis points at the upcoming meeting later this month. Further, fresh Covid-related curbs in several parts of China and the dollar's sharp uptick also weighed on oil prices. Meanwhile, the Organization of the Petroleum Exporting Countries (OPEC) said it expects global oil demand to rise at a slower pace than 2022 in 2023 on account of high prices and risks such as inflation.
Benchmark crude oil futures for August delivery fell $0.52 or 0.5 percent to settle at $95.78 a barrel on the New York Mercantile Exchange. Brent crude for September delivery dropped $0. 47 or 0.5 percent to settle at $99.10 a barrel on London's Intercontinental Exchange.