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Crude oil futures end lower on Monday

28 Feb 2023 Evaluate

Crude oil futures ended lower on Monday as traders expressed continued concerns higher interest rates will tip the global economy into a recession. With recent economic data suggesting the Federal Reserve will raise rates more than previously anticipated, worries about the outlook for global demand continue to weigh on oil prices. Meanwhile, traders largely shrugged off news that Russia has halted exports of oil to Poland via the Druzhba pipeline.

Benchmark crude oil futures for April delivery fell $0.64 or 0.8 percent to $75.68 a barrel on the New York Mercantile Exchange. Brent crude for April delivery lost $0. 20 to $82.45 a barrel on London's Intercontinental Exchange.