Crude oil futures ended lower on Wednesday on concerns about the outlook for energy demand amid fears of a global recession and concerns about rising Covid-19 cases in China. According to reports, Covid-19 cases have risen sharply in China following the country moving away from its hardline zero-Covid policy. However, as Russia's decision to ban oil sales beginning February to countries that abide by a G7 price cap imposed on December 5 helped limit the downside.
Benchmark crude oil futures for February delivery fell $0.57 or 0.7 percent at $78.86 a barrel on the New York Mercantile Exchange. Brent crude for February dropped $1.07 or 1.3 percent to settle at $83.26 a barrel on London's Intercontinental Exchange.