Crude oil futures end lower ahead of inventory data
Due to Columbus Day holiday on Monday, the reports from API and EIA are delayed by a day
Crude oil futures ended lower on Wednesday weighed down by concerns the slowdown in global economic growth could weaken the outlook for energy demand. The International Monetary Fund on Tuesday lowered its 2021 global growth forecast, citing supply chain disruptions amid the spread of the Covid-19 Delta variant and cost pressures. Meanwhile, traders awaited weekly oil reports from the American Petroleum Institute (API) and US Energy Information Administration (EIA). Due to Columbus Day holiday on Monday, the reports from API and EIA are delayed by a day.
Benchmark Crude oil futures for November delivery dropped $0.20 or about 0.3 percent to settle at $80.44 barrel on the New York Mercantile Exchange. Brent crude for December delivery fell $0.17 or about 0.2 percent to settle at $83.25 a barrel on London's Intercontinental Exchange.