COMMODITY
Crude oil futures end sharply lower on demand concerns
Jul-27-2024

Crude oil futures ended sharply lower on Friday amid concerns about the outlook for demand due to the economic slowdown in China. Data released earlier this week showed China's apparent oil demand fell 8.1% to 13.66 million barrels per day in June, prompting concerns about consumption. The surprise rate cut by China raised concerns about the current situation in the world's second largest economy.

Benchmark U.S. crude oil futures for September delivery fell $1.12 or about 1.4% to $77.16 per barrel on the New York Mercantile Exchange. Brent crude for September delivery dropped $1.24 or 1.5% to $81.13 per barrel on London's Intercontinental Exchange.


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