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Crude oil futures end lower on Friday

24 Jun 2023 Evaluate

Crude oil futures ended lower on Friday, magnifying recent losses, on concerns about the outlook for energy demand following a slew of interest rate hikes by central banks and prospects of further tightening raising concerns about economic growth. Besides, oil prices also fell as the S&P Global US Composite PMI dropped to 53.0 in June 2023, down from 54.3 in the previous month, according to preliminary estimate. 

Benchmark crude oil futures for August delivery fell $0.35 or about 0.50 percent to settle at $69.16 a barrel on the New York Mercantile Exchange. Brent crude for August delivery dropped $0.29 or 0.40 percent to settle at $73.85 a barrel on London's Intercontinental Exchange.