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June 29, 2022, 2:47 p.m. EDT

Oil futures end lower after three consecutive session gains

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By Myra P. Saefong

Oil futures ended lower on Wednesday, pulling back after posting three consecutive gains, ahead of a meeting of key oil producers Thursday. The Organization of the Petroleum Exporting Countries and their allies, together known as OPEC+, are expected to confirm an existing agreement to boost production in August. The loss in oil prices came despite data from the Energy Information Administration which revealed declines in U.S. crude inventories in each of the past two weeks. West Texas Intermediate crude for August delivery fell $1.98, or 1.8%, to settle at $109.78 a barrel on the New York Mercantile Exchange.

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