Crude oil futures pared some losses and ended lower on Thursday, after falling by more than $3 a barrel in early trade, after the White House called a news report that the U.S. and Iran may be approaching a deal on oil exports false. Oil prices fell sharply in early trade after private report stated Iran and the U.S. are nearing a temporary deal that would swap some sanctions relief for reducing Iranian uranium enrichment activities. Besides, concerns about the outlook for energy demand continued to weigh on the markets, keeping the price of crude oil stuck firmly in the red.
Benchmark crude oil futures for July delivery fell $1.24 or about 1.7 percent to settle at $71.29 a barrel on the New York Mercantile Exchange. Brent crude for August delivery dropped $0.99 or 1.27 percent to settle at $75.96 a barrel on London's Intercontinental Exchange.