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Crude oil futures end sharply lower on Thursday
Jul-01-2022

Crude oil futures ended sharply lower on Thursday, magnifying their previous session’s losses, as a weekly increase in U.S. gasoline and distillate supplies raised worries over price-related demand destruction and major oil producers pledged to boost production by 648,000 barrels a day in August, as expected. Further, oil prices also fell as a report from the Commerce Department provided further evidence of an economic slowdown, showing personal spending increased by less than expected in the month of May. The Commerce Department personal spending edged up by 0.2 percent in May after climbing by a downwardly revised 0.6 percent in April.

Benchmark crude oil futures for August delivery fell $4.02 or 3.7 percent to settle at $105.76 a barrel on the New York Mercantile Exchange. Brent crude for August delivery dropped $1.45 or 1.3 percent to settle at $114.81 a barrel on London's Intercontinental Exchange.

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