Crude oil futures ended lower on Wednesday despite hopes the Organization of Petroleum Exporting Countries and allies, collectively known as OPEC+ will decide to extend production cuts into the third quarter. Concerns about the outlook for interest rates, and the likely adverse impact the high borrowing costs will have on growth and energy demand, weighed on oil prices. Also, a firm dollar hurt oil prices. Earlier in the day, oil prices moved higher amid heightened Middle East tensions and hopes that major oil producing nations will continue with their production cuts.
Benchmark crude oil futures for July delivery fell $0.60 or 0.75% to settle at $79.23 a barrel on the New York Mercantile Exchange. Brent crude for July delivery was down $0.74 or 0.88% to $83.20 per barrel on London's Intercontinental Exchange.