Crude oil futures ended marginally lower on Thursday after trading in a narrow range as recent data showing a surge in U.S. crude inventories last week continued to weigh on the commodity. However, optimism about higher demand for oil from China helped limit the drop in the commodity's prices. According to a report from International Energy Agency (IEA), China is likely to buy an additional 500,000 barrels per day this year, accounting for almost half of the 2023 global oil demand growth this year, following an end to COVID-19 curbs that had strongly curbed energy usage in the country.
Benchmark crude oil futures for March delivery fell $0.10 to $78.49 a barrel on the New York Mercantile Exchange. Brent crude for April delivery lost $0.43 or 0.5 percent at $84.95 a barrel (Provisional) on London's Intercontinental Exchange.