Crude oil futures ended lower on Wednesday, magnifying previous sessions’ losses, amid rising concerns about the outlook for demand. Oil prices were also weighed down by reports that OPEC is planning to restore 180,000 barrels per day of 2.2 million bpd of voluntary production cuts beginning next month. Meanwhile, on the supply side, there are expectations that the political dispute that has halted Libyan exports may be resolved. Libya's two rival legislative bodies agreed on Tuesday to jointly appoint a central bank governor in a bid to resolve a conflict over control of the country's oil revenue.
Benchmark crude oil futures for October delivery fell $1.14 or 1.6 percent to settle at $69.20 a barrel on the New York Mercantile Exchange. Brent crude for November delivery dropped $1.05 or 1.42 percent to settle at $72.7 a barrel on London's Intercontinental Exchange.