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Crude oil futures end lower on profit booking

28 Aug 2024 Evaluate

Crude oil futures ended lower on Tuesday on profit booking. Meanwhile, investors await weekly oil reports from the American Petroleum Institute (API), and data from the Energy Information Administration (EIA). Besides, oil prices retreated today as private report reportedly sees the disruptions in Libya as short-lived with 600,000 bpd falling off the market in September and 200,000 bpd in October.

Benchmark crude oil futures for October delivery dropped $1.89 or about 2.5 percent to settle at $75.53 a barrel on the New York Mercantile Exchange. Brent crude for October delivery fell $1.88 or 2.3 percent to settle at $79.55 a barrel on London's Intercontinental Exchange.