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Crude oil futures end lower on Wednesday

30 Mar 2023 Evaluate

Crude oil futures ended lower on Wednesday despite data showing a drop in crude stockpiles last week. Data from Energy Information Administration (EIA) showed crude stockpiles fell by 6.076 million barrels in the week ended March 24, as against expectations for an increase of 92,000 barrels. Gasoline inventories dropped by 2.904 million barrels last week, more than an expected decline of 1.625 million barrels. Meanwhile, oil prices climbed higher earlier in the session amid rising supply disruption risks after Turkey halted exports of some 450,000 barrels of crude per day.

Benchmark crude oil futures for May delivery fell $0.23 or about 0.3 percent to settle at $72.97 a barrel on the New York Mercantile Exchange. Brent crude for May delivery dropped $0.37 or about 0.47 percent to settle at $78.28 a barrel on London's Intercontinental Exchange.

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