Oil futures give up earlier gains to settle lower
Oil futures finished lower on Thursday, giving up earlier gains as traders continued to weigh the outlook for energy demand. "Oil is still nervous about the conjured pace of demand," said Phil Flynn, senior market analyst at The Price Futures Group. "Some reports that smaller OPEC countries, like Kazakhstan, may struggle to cut output raised some fears" compliance with OPEC+ agreement to cut production, he said. June West Texas Intermediate oil fell 44 cents, or 1.8%, to settle at $23.55 a barrel on the New York Mercantile Exchange. Prices had spent much of the session trading higher, buoyed by Saudi Arabia's decision to lift prices to help stabilize values and a monthly climb in China's oil imports.
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