Crude oil futures ended deeply in red on Thursday owing to concerns about outlook for energy demand. The International Monetary Fund said downside risks continue to dominate the global economic outlook. Although some countries are expected to slip into recession next year, the IMF is not certain if their will be a widespread global recession. Further, oil prices also fell on reports about a tentative deal between rail road union and its workers to avert a potentially disastrous rail strike in the US.
Benchmark crude oil futures for October delivery fell $3.38 or about 3.8 percent to settle at $85.10 a barrel on the New York Mercantile Exchange. Brent crude for November delivery dropped $3.38 or about 3.59 percent to settle at $90.72 (provisional) a barrel on London's Intercontinental Exchange.