Crude oil futures end lower on profit booking

Crude oil futures ended lower on Thursday on profit taking after recent strong gains. Further, lower coal and natural gas prices also contributed to oil prices’ decrease. Coal prices dropped by about 11% in China after the country indicated it might intervene to tame record high coal prices and that it would ensure coal mines operate at full capacity. Meanwhile, Kuwait has reportedly begun to increase its crude production in accordance with an agreement reached by OPEC+.

Benchmark Crude oil futures for December delivery fell $0.92 or 1.1 percent to settle at $82.50 barrel on the New York Mercantile Exchange. Brent crude for December delivery dropped $1.19 or 1.4 percent to settle at $84.63 a barrel on London's Intercontinental Exchange.