Crude oil futures ended deeply in red on Thursday on weakened demand in the United States, the world’s top oil consumer, and a pick-up in supply from Libya. Growing stockpiles of crude, concerns about the Chinese economy due to the country's zero-COVID approach and lingering worries about interest-rate hikes by major central banks also tempered fears of a tight market. Meanwhile, the European Central Bank (ECB) raised rates more than expected on Thursday looking to rein in inflation, with ECB President Christine Lagarde warning that inflation risks had intensified.
Benchmark crude oil futures for September delivery fell $3.53 or 3.5 percent to settle at $96.35 a barrel on the New York Mercantile Exchange. Brent crude for September delivery lost $3.06 or 2.9 percent to settle at $103.86 a barrel on London's Intercontinental Exchange.