Crude oil futures ended deeply lower on Thursday with traders following the developments regarding negotiations of a cease-fire in the Israel-Hamas war. Meanwhile, EIA said in a report that global oil demand will likely increase by 2 million barrels per day in 2024, substantially higher than a previous forecast of a rise of 1.24 million bpd.
Benchmark crude oil futures for March delivery dropped $2.03 or 2.7% to settle at $73.82 a barrel on the New York Mercantile Exchange. Brent crude for March delivery fell $1.85 or 2.3% to $78.70 per barrel on London's Intercontinental Exchange.