COMMODITY
Crude oil futures end lower on Wednesday
Apr-24-2025

Crude oil futures closed lower on Wednesday, the sharp pullback came after some private reports indicating OPEC+ group might accelerates oil output hikes in June for a second consecutive month. Besides, Energy Information Administration released a report unexpectedly showing an uptick by U.S. crude oil inventories in the week ended April 18, which weighed on crude prices. The report said crude oil inventories crept up by 0.2 million barrels last week after rising by 0.5 million barrels in the previous week. Street had expected crude oil inventories to dip by 0.7 million barrels.

Benchmark crude oil futures for June delivery declined $2.04 or about 3.17% at $ 62.27 a barrel on the New York Mercantile Exchange. Brent crude for June delivery decreased $1.69 or 2.49% to settle at $66.12 a barrel on London's Intercontinental Exchange.

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