Crude oil futures ended lower on Thursday amid concerns over slowing energy demand owed to high tariff global economy. The concerns of over supply also weighed on crude oil prices. In their upcoming meeting in August, select member-nations of the OPEC+ are expected to raise crude oil production by 5,48,000 barrels per day in September. This would complete their earlier-planned 2.2 million bpd output increase.
Benchmark crude oil futures for September declined $0.74 or about 1.06% at $69.26 a barrel on the New York Mercantile Exchange. Brent crude for September decreased $0.71 or about 0.97% at $72.53 a barrel on London's Intercontinental Exchange.
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