COMMODITY
Crude oil futures end lower on Tuesday
Aug-14-2024

Crude oil futures ended lower on Tuesday on profit booking. Further, oil prices fell as concerns about the outlook for global demand outweighed geopolitical tensions in the Middle East and likely disruptions in supply. After OPEC lowered its demand forecast, citing weak Chinese economy, the International Energy Agency (IEA) has cut its estimates for global oil demand for 2025. Markets now await weekly oil reports from the American Petroleum Institute (API) and U.S. Energy Information Administration (EIA). The EIA data is due Wednesday.

Benchmark U.S. crude oil futures for September delivery fell $1.71 or about 2.1% to $78.35 per barrel on the New York Mercantile Exchange. Brent crude for October delivery dropped $1.61 or about 2% to $80.69 per barrel on London's Intercontinental Exchange.

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