Tuesday , October 19 2021

Crude oil futures end lower amid concerns over energy demand outlook

Crude oil futures ended lower on Friday as data showing slower Chinese economic growth added to concerns about outlook for energy demand. China’s GDP grew 6% year-on-year in the third quarter after rising 6.2% in the second quarter. Growth was forecast to slow marginally to 6.1%. Although the Organization of the Petroleum Exporting Countries (OPEC) and allies are set to extend output cuts into 2020, rising crude inventories in the US continue to weigh on crude oil prices. Data released by the Energy Information Administration (EIA) on Thursday showed crude stockpiles in the US jumped 9.3 million barrels last week, more than three times the expected increase.

Benchmark crude oil futures for November declined 15 cents or 0.3 percent to settle at $53.78 a barrel on the New York Mercantile Exchange. December Brent fell 49 cents or 0.8 percent to settle at $59.42 a barrel on London’s Intercontinental Exchange.

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