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Crude oil futures settle lower on Thursday

08 Dec 2023 Evaluate

Crude oil futures ended slightly lower on Thursday on lingering uncertainty about the outlook for energy demand due to global economic slowdown. Data released by the General Administration of Customs today showed China's crude imports dropped to their weakest in four months in November, trumping bullish demand forecasts from leading industry participants. Crude oil pieces also fall on data recently showing a larger than expected increase in U.S. gasoline stockpiles last week, and skepticism over OPEC+'s recently announced voluntary supply cuts due to fractures within the alliance.

Benchmark crude oil futures for January delivery fell $0.04 or about 0.05 percent to settle at $69.34 a barrel on the New York Mercantile Exchange. Brent crude for February delivery lost $0.25 or about 0.33 percent to settle at $74.05 a barrel on London's Intercontinental Exchange. 


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