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Crude oil futures end lower on Thursday

24 Mar 2023 Evaluate

Crude oil futures ended lower on Thursday, reversing early gains after U.S. Energy Secretary Jennifer Granholm told lawmakers that refilling the country’s Strategic Petroleum Reserve (SPR) may take several years. Oil prices fell amid concerns the interest rate hikes by several central banks could slow down economic growth and impact the outlook for energy demand. Federal Reserve Chair Jerome Powell highlighting banking sector credit risks, and larger than expected increase in U.S. crude inventories weighed as well on oil prices. However, optimism about higher demand from China helped limit oil's downside.

Benchmark crude oil futures for April delivery fell $0.94 or about 1.3 percent to settle at $69.96 a barrel on the New York Mercantile Exchange. Brent crude for May delivery dropped $0.78 or about 1 percent to settle at $75.91 a barrel on London's Intercontinental Exchange.