2019.03.2815:42:00UTC+00Crude Oil Futures Settle Lower Again On Growth Concerns

Crude oil futures settled modestly lower on Thursday, as an unexpected jump in crude inventories in the U.S. and worries about energy demand due to slowing global economy weighed on prices.

U.S. President Donald Trump's tweet, calling on OPEC to "increase the flow of Oil" contributed as well to crude oil's decline.

The latest batch of economic data from the U.S. and other parts of the globe have further raised concerns about a slowdown in global economy.

After U.S. Federal Reserve, the European Central Bank and the Reserve Bank of New Zealand have spoken about weak outlook for the global economy and hinted at more monetary easing to revive growth.

Uncertainty about Brexit also continue to weigh on global stock and commodity markets.

West Texas Intermediate Crude oil futures for May ended down $0.11, or 0.2%, at $59.30 a barrel.

On Wednesday, crude oil futures for May ended down $0.53, or 0.9%, at $59.41 a barrel.

According to the weekly data released by the Energy Information Administration (EIA) on Wednesday, crude inventories unexpectedly increased by 2.8 million barrels in the week to March 22.

The increase in inventory was due to a 506,000-barrel drop in exports and a 400,000-barrel decline in refinery runs.

The EIA reported today that domestic supplies of natural gas fell by 36 billion cubic feet for the week ended March 22.

In U.S. economic news, a report from the Commerce Department showed U.S. economic growth slowed by more than previously estimated in the fourth quarter.

The report said GDP climbed by 2.2% percent in the fourth quarter compared to the previously reported 2.6% increase. Economists had expected the pace of growth to be downwardly revised to 2.4%.

With the downward revision, the pace of GDP growth in the fourth quarter is notably slower than the 3.4% jump in the third quarter.

Meanwhile, Eurozone's economic sentiment deteriorated at a faster than expected pace in March, and for the ninth month in row, survey data from the European Commission showed on Thursday.

The economic sentiment index fell to 105.5 from 106.2 in February. Economists had expected a score of 105.9.