: U.S. oil futures end slightly lower, off the session’s worst levels
U.S. oil futures finished a few cents lower on Thursday, erasing most of an overnight plunge in prices that had touched their lowest intraday levels of the year. The market had become “deeply oversold” and the combination of short-covering and speculative dip-buying sent futures back above the key 2023 support band between $66 and $68 a barrel, said Tyler Richey, co-editor at Sevens Report Research. June West Texas Intermediate crude CLM23 fell 4 cents, or nearly 0.1%, to settle at $68.56 a barrel on the New York Mercantile Exchange after trading as low as $63.57, FactSet data show.
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