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Crude oil futures end lower on Thursday

17 Jan 2025 Evaluate

Crude oil futures ended lower on Thursday on account of profit booking. Oil prices dropped amid easing concerns about supply on expectations the Houth militia will halt attacks on ships in the Red Sea, following Israel and Hamas agreeing to implement the ceasefire agreement that was drafted and approved by the UN Security Council.

Benchmark crude oil futures for February fell $1.36 or about 1.7 percent to settle at $78.68 a barrel on the New York Mercantile Exchange. Brent crude for March delivery lost $0.74 or about 0.9 percent to settle at $81.29 a barrel on London's Intercontinental Exchange.