COMMODITY
Crude oil futures end lower on Wednesday
Apr-25-2024

Crude oil futures ended lower on Wednesday on stronger dollar. Traders tracked progress toward fresh sanctions against Iran, with Iranian Foreign Minister Hossein Amir-Abdollahian expressing disapproval of the European Union's recent move to broaden sanctions. Oil prices fell despite crude oil inventories in the U.S. unexpectedly pulled back sharply in the week ended April 19th, according to a report released by the Energy Information Administration (EIA). The EIA said crude oil inventories plunged by 6.4 million barrels last week after jumping by 2.7 million barrels in the previous week. Street had expected crude oil inventories to increase by 1.6 million barrels.

Benchmark crude oil futures for June delivery fell $0.55 or 0.66% to settle at $82.81 a barrel on the New York Mercantile Exchange. Brent crude for June delivery dropped $0.40 or 0.45% to $88.02 per barrel on London's Intercontinental Exchange. 


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