Crude oil futures ended lower on Thursday as the Energy Information Administration( EIA) data showed an increase of 1.61 million barrels in crude oil inventories last week versus expectations for a drop of 0.93 million barrels. Further, crude oil prices fell as traders grew more convinced that OPEC+, a group composed of OPEC plus its oil-producing allies, will not deliver on promised output cuts. OPEC+ released a statement that did not formally endorse production cuts, but individual countries announced voluntary reductions totaling 2.2 million barrels per day for the first quarter of 2024, with Saudi Arabia, the linchpin and largest member, leading the way.
Benchmark crude oil futures for January delivery fell $1.90 or about 2.4 percent to settle at $75.96 a barrel on the New York Mercantile Exchange. Brent crude for January delivery lost $0.27 or about 0.17 percent to settle at $82.83 a barrel on London's Intercontinental Exchange.