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Oil Futures Pare Early Gains, Settle Lower On Weak Outlook For Demand


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Crude oil futures pared early gains and settled slightly weak on Thursday, weighed down by concerns about excess supply in the market following the decision of the International Energy Agency to release oil from its reserve.

Concerns about the outlook for energy demand due to the virus outbreak in Shanghai and the resultant fresh lockdown measures weighed as well on oil prices.

Oil prices rose earlier in the day after the United States issued another round of sanctions on Russia.

Washington announced new measures including sanctions on Russian President Vladimir Putin’s two adult daughters and a major bank. However, the European Union failed to approve a new round of sanctions including on Russian coal.

The democratic world must stop buying Russian oil and completely block Russian banks from the international finance system, Ukraine President Volodymyr Zelenskyy said in his daily video address early today.

West Texas Intermediate Crude oil futures ended down by $0.20 or about 0.2% at $96.03 a barrel, after dropping to $93.81 from a high of $98.82.

Brent crude futures were down $0.55 or 0.54% at $100.52 a barrel a little while ago.

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