Crude oil futures ended lower on Thursday, magnifying recent sessions’ losses, amid concerns about the outlook for demand. Concerns about the outlook for interest rates hurt as well. Traders await the OPEC+ meeting scheduled for June 1. It is widely expected that the group will extend the voluntary production cuts beyond June.
Benchmark crude oil futures for June delivery fell $0.70 or more than 0.9% to settle at $76.87 a barrel on the New York Mercantile Exchange. Brent crude for July delivery dropped $0.54 or 0.65% to $81.36 per barrel on London's Intercontinental Exchange.