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Crude oil futures end lower on concerns about outlook for energy demand

04 Nov 2022 Evaluate

Crude oil futures ended lower on Thursday on concerns about the outlook for energy demand after China imposed fresh restrictions in several places following a surge in coronavirus cases in the country. China affirmed that a zero-tolerance approach continues to be the overall strategy in tackling Covid-19. Further, the dollar’s sharp uptick following hawkish comments from the Federal Reserve weighed as well on crude oil prices.

Benchmark crude oil futures for December delivery fell $1.83 or about 2 percent at $88.17 a barrel on the New York Mercantile Exchange. Brent crude for January delivery dropped $1.40 or about 1.47 percent to settle at $94.76 (Provisional) a barrel on London's Intercontinental Exchange.