Crude oil futures snapped 3-day winning streak and ended deeply in red on Thursday after Russian Deputy Prime Minister Alexander Novak played down the prospect of further Organization of Petroleum Exporting Countries (OPEC) and allies including Russia (OPEC+) production cuts at its meeting next week. Further, a firm dollar and uncertainty over the U.S. debt ceiling also weighed on crude oil prices.
Benchmark crude oil futures for July delivery fell $2.51 or about 3.4 percent to settle at $71.83 a barrel on the New York Mercantile Exchange. Brent crude for July delivery dropped $2.1 or 2.68 percent to settle at $76.26 a barrel on London's Intercontinental Exchange.