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Crude oil futures end sharply lower as worries about energy demand

05 Jan 2023 Evaluate

Crude oil futures ended sharply lower on Wednesday, magnifying their previous session’s losses, as worries about energy demand amid rising fears of a global recession continued to weigh on the commodity. Further, China's decision to increase export of refined oil products has fueled concerns of weaker demand in the country. Meanwhile, traders also took note of comment from former New York Federal Reserve President William Dudley, who said a recession in the U.S. is likely because of what the Fed has to do.

Benchmark crude oil futures for February delivery fell $4.09 or 5.3 percent at $72.84 a barrel on the New York Mercantile Exchange. Brent crude for March delivery dropped $4.26 or 5.2 percent at $77.84 a barrel on London's Intercontinental Exchange.

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