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Crude oil futures settle lower amid easing supply concerns
Jun-05-2025

Crude oil futures settled lower on Wednesday, giving back ground after moving sharply higher over the two previous sessions. The pullback by the price of crude oil partly reflected easing supply concerns as rains slowed the growth of some blazes that had disrupted Canadian crude production. As per a private report, one Canadian operator restarted a site after shutting down last week. Besides, disappointing U.S. economic data also weighed on oil prices, with separate reports showing weaker than expected private sector job growth and an unexpected contraction by service sector activity.

Benchmark crude oil futures for July dipped $0.56 or 0.88% at $62.85 a barrel on the New York Mercantile Exchange. Brent crude for August delivery plunged $0.77 or 1.17% to settle at $64.86 a barrel on London's Intercontinental Exchange.

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