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Crude oil futures end sharply lower on Thursday

27 Oct 2023 Evaluate

Crude oil futures ended sharply lower with cut of over two percent on Thursday as concerns of a wider Middle East conflict eased while the United States, the world’s biggest oil consumer, showed signs of weakening demand. Further, recent data showing a surge in U.S. crude inventories, and concerns about interest rates too weighed on oil prices.

Benchmark crude oil futures for December delivery fell $2.18 or 2.6 percent to settle at $83.21 a barrel on the New York Mercantile Exchange. Brent crude for December delivery dropped $2.20 or 2.44 percent to settle at $87.93 a barrel on London's Intercontinental Exchange.