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.