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Crude oil futures end sharply lower on profit booking

29 Sep 2023 Evaluate

Crude oil futures ended sharply lower on Thursday on account of profit booking. Oil prices surged to more than 1-year high earlier in the day, riding on recent data showing a drop in crude inventories in the U.S. Data from Energy Information Administration (EIA) on Wednesday showed crude inventories in Cushing, Oklahoma dropped to 22 million barrels last week.

Benchmark crude oil futures for November delivery dropped $1.97 or 2.1 percent to settle at $91.71 a barrel on the New York Mercantile Exchange. Brent crude for November delivery fell $1.26 or 1.3 percent to settle at $93.10 a barrel on London's Intercontinental Exchange.