COMMODITY
Crude oil futures end sharply lower amid concerns about global demand outlook
May-08-2025

Crude oil futures ended sharply lower on Wednesday after spiking higher on previous session. The crude oil prices plunged as the lingering concerns about the outlook for global demand weigh on the price oil early in the session along with a report from the Energy Information Administration showing crude oil inventories fell by less than expected in the week ended May 2, 2025. The report said crude oil inventories fell by 2.0 million barrels last week after declining by 2.7 million barrels in the previous week. Street had expected crude oil inventories to decrease by 2.5 million barrels. Besides, further downside came after the Federal Reserve announced its widely expected decision to leave interest rates unchanged but warned of increasing risks of higher unemployment and higher inflation.

Benchmark crude oil futures for June delivery slumped $1.02 or 1.73 percent to $58.07 a barrel on the New York Mercantile Exchange. Brent crude for July delivery plunged $1.03 or 1.66 percent to settle at $61.12 a barrel on London's Intercontinental Exchange.


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