Crude oil futures ended lower on Thursday amid uncertainty about the outlook for global oil demand, and likely excess supply in the market. However, expectations of more stimulus measures by the Chinese government and data from the American Petroleum Institute (API) that showed a drop in crude stocks last week contributed to oil's gains earlier in the day. The American Petroleum Institute figures revealed that U.S oil inventories fell by 3.2 million barrels during the week ended December 20. Distillate inventories-which include diesel and heating oil-fell by about 2.5 million barrels but gasoline inventories rose by 3.9 million barrels.
Benchmark crude oil futures for January delivery dropped $0.48 or about 0.7 percent to settle at $69.62 a barrel on the New York Mercantile Exchange. Brent crude for February delivery fell $0.32 or 0.4 percent to settle at $73.26 a barrel on London's Intercontinental Exchange.
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