Crude oil futures ended lower with cut of over one percent on Thursday on concerns that aggressive policy tightening by the Federal Reserve could slow global economic growth and result in a drop in energy demand. Growth worries weighed on prices after Fed Chair Jerome Powell once again signaled bigger interest-rate hikes, saying the U.S. central bank was wrong in initially thinking inflation was only the result of transitory factors. Meanwhile, weaker-than-expected data from China also pointed to a sluggish economic recovery in the country.
Benchmark crude oil futures for April delivery fell $0.94 or 1.2 percent to $75.72 a barrel on the New York Mercantile Exchange. Brent crude for May delivery dropped $1.07 or 1.3 percent to $81.59 a barrel on London's Intercontinental Exchange.