Crude oil futures ended lower on Thursday on account of concerns about outlook for energy demand amid rising possibility of a recession in several parts of the globe weighed as well on oil prices. Further, oil prices dropped with traders weighing the prospects for the return of Iranian oil to the market. According to private reports, talks between EU, the US and Iran on the 2015 nuclear deal are on, with Iran saying it had received a response from the United States to the EU’s final text to resurrect the agreement. However, oil prices moved higher earlier in the session, lifted by reports the OPEC+ could cut oil supplies.
Benchmark crude oil futures for September delivery fell $2.37 or about 2.5 percent to settle at $92.52 a barrel on the New York Mercantile Exchange. Brent crude for October delivery dropped $1.33 or 1.31 percent to settle at $99.89 (Provisional) a barrel on London's Intercontinental Exchange.