Crude oil futures ended lower on Monday amid concerns about the outlook for energy demand after the Organization of Petroleum Exporting Countries and its allies, collectively known as OPEC+ decided to extend their output cuts till the end of the second quarter. After their meeting on Sunday, OPEC+ announced that the 2.2 million barrels per day of voluntary output cuts that were planned for the first quarter of this year will continue into the next quarter.
Benchmark crude oil futures for April delivery fell $1.23 or about 1.5% to settle at $78.74 a barrel on the New York Mercantile Exchange. Brent crude for May delivery was down by $0.75 or about 0.9% to $82.80 per barrel on London's Intercontinental Exchange.