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.
Start Research-backed Investing ...Now. Subscribe to Sapphire
MoneyWorks4Me is a SEBI-registered Investment Adviser (IA) dedicated to helping investors build long-term wealth through transparent, research-driven, conflict-free guidance. Founded in 2008, we started our journey as a Research Analyst (RA), providing deep fundamental analysis, intrinsic value insights, and long-term investing frameworks for Indian equities. In 2017, we transitioned to a full-fledged SEBI-registered Investment Adviser, strengthening our commitment to acting as a fiduciary—always putting the investor’s interest first.
To become India’s most trusted, research-powered fiduciary advisory platform—where every investor, regardless of experience, can make calm, confident, and well-reasoned investment decisions.
MoneyWorks4Me ensures this through: