Crude oil futures settled considerably lower on Thursday amid uncertainty about the outlook for energy demand following weak data from China. Traders overlooked a report from OPEC that forecast an increase in Chinese oil demand. The OPEC report says China is now expected to require 800,000 barrels per day, up from 760,000 barrels per day seen last month.
Benchmark crude oil futures for June delivery fell $1.69 or about 2.3 percent to settle at $70.87 a barrel on the New York Mercantile Exchange. Brent crude for July delivery declined $1.44 or 0.88 percent to settle at $74.97 a barrel on London's Intercontinental Exchange.