Crude oil futures ended lower on Thursday, extended their previous session’s losses, as data showed an increase in US crude inventories in the week ended December 23rd. Data released by US Energy Information Administration (EIA) showed crude inventories in the US rose by 718,000 barrels last week compared with forecasts for a drop of 1.5 million barrels. The EIA data also showed gasoline stockpiles fell by 3.1 million barrels last week versus expectations for a drop of 2.3 million barrels. Besides, sentiments were weak on concerns about a surge in Covid-19 cases in China. With Covid-19 cases rising in China, concerns about a global recession have risen, raising the possibility of a drop in energy demand.
Benchmark crude oil futures for February delivery fell $1.13 or 0.7 percent at $78.40 a barrel on the New York Mercantile Exchange. Brent crude for February dropped $1 or 1.20 percent to settle at $82.26 a barrel on London's Intercontinental Exchange.