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Crude oil futures end lower on Thursday

13 Dec 2024 Evaluate

Crude oil futures ended lower on Thursday as International Energy Agency's forecast that the oil market will see excess supply next year offset optimism about a Fed interest rate cut and expectations of higher demand from China. It expects the oil market to be comfortably supplied next year, even as it revised its demand outlook for next year up slightly. Besides, the Organization of the Petroleum Exporting Countries (OPEC) cut its demand growth forecast for 2024 for the fifth straight month and by the largest amount yet.

Benchmark crude oil futures for January delivery declined $0.27 or about 0.4 percent to settle at $70.02 a barrel on the New York Mercantile Exchange. Brent crude for February delivery lost $0.11 or 0.14 percent to settle at $73.41 a barrel on London's Intercontinental Exchange.


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