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Crude oil futures end deeply in red on demand concerns

04 Sep 2024 Evaluate

Crude oil futures ended deeply red on Tuesday as downbeat economic data from China and a weak reading on the U.S. manufacturing sector fed worries about a slowdown in energy demand. Also, the end of the summer driving season in the U.S. added to concerns about oil demand. Besides, prospects of more oil supply from OPEC and allied countries, collectively known as OPEC+ also weighed on oil prices.

Benchmark crude oil futures for October delivery fell $3.21 or 4.4 percent to settle at $70.34 a barrel on the New York Mercantile Exchange. Brent crude for November delivery dropped $3.77 or 4.9 percent to settle at $73.75 a barrel on London's Intercontinental Exchange.