Crude oil futures ended slightly lower on Thursday on demand concerns in major consuming countries. However, losses remained capped after the European Central Bank (ECB) decided to slow the pace of interest rate hikes. The ECB increased its three policy rates by 25 basis points, the smallest hike since the central bank starting lifting them last summer. The Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, a group known as OPEC+, started voluntary output cuts at the beginning of May.
Benchmark crude oil futures for June delivery lost $0.04 or 0.05 percent to settle at $68.56 a barrel on the New York Mercantile Exchange. However, Brent crude for July delivery added $0.17 or 0.23 percent to settle at $72.50 a barrel on London's Intercontinental Exchange.