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Crude oil futures settle lower on Monday

11 Apr 2023 Evaluate

Crude oil futures ended lower on Monday as concerns about the global economic outlook overshadowed worries about supplies. The U.S. dollar rose after U.S. jobs data pointed to a tight labor market, heightening expectations of another Federal Reserve rate hike. Dollar strength makes oil more expensive for other currency holders and can weigh on demand.

Benchmark crude oil futures for May delivery fell $0.96 or nearly 1.2 percent to settle at $79.74 a barrel on the New York Mercantile Exchange. Brent crude for June delivery dropped $0.94 or 1.1 percent to settle at $84.18 a barrel on London's Intercontinental Exchange.