Crude oil futures closed lower on Thursday as traders continued to express concerns about implications of Trump's trade policies on global economy as new tariffs on dozens of countries take effect. Additionally, the switching of the hard-and-soft stance by the US on Russia over the country's reluctance to stop its three-plus-year war with Ukraine, continued to make investors nervous. Finally, crude prices also reacted to OPEC plus’ decision to hike oil production in September.
Benchmark crude oil futures for September decreased $0.47 or about 0.73% at $63.88 a barrel on the New York Mercantile Exchange. Brent crude for October delivery declined $0.46 or 0.69% to settle at $66.43 a barrel on London's Intercontinental Exchange.