COMMODITY
Crude oil futures end lower as fears of oversupply of crude
Jan-23-2020

Crude oil futures ended sharply lower on Wednesday as fears of an oversupply of crude. In its annual World Energy Outlook report, the Energy Information Administration (IEA) said increasing US shale output will continue to blunt the influence of other energy producers, including members of the Organization of the Petroleum Exporting Countries. Besides, concerns over the potential for oil demand destruction if fears about the spread of the coronavirus increase have also contributed to the weakness in oil prices.

Crude oil futures for March dropped $1.64 or 2.8 percent to settle at $56.74 a barrel on the New York Mercantile Exchange. March Brent fell $1.38 or 2.1 percent to settle at $63.21a barrel on London's Intercontinental Exchange.

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