COMMODITY
Crude oil futures end lower on Thursday
Dec-06-2024

Crude oil futures ended lower on Thursday amid the Organization of Petroleum Exporting Countries and their allies, collectively known as OPEC+, deciding to push back plans to raise production until April. The decision means the oil cartel is extending its voluntary cut of 2.2 million barrels a day to 18 months. The group said it plans to gradually increase output starting in the second quarter and continue doing so until September 2026. Besides, weak demand from China and rising production in the U.S. weighed on oil prices.

Benchmark crude oil futures for January delivery fell by $0.24 or about 0.4 percent to settle at $68.30 a barrel on the New York Mercantile Exchange. Brent crude for February delivery dropped $0.22 or about 0.3 percent to settle at $72.09 a barrel on London's Intercontinental Exchange. 


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