Oil futures declined Thursday, with U.S. benchmark crude easing back as traders digested a breakout in prices a day earlier to fresh year-to-date highs, said Tyler Richey, co-editor at Sevens Report Research. Data Thursday, meanwhile, reportedly showed that China’s crude imports jumped by 22.5% in March. “The expectation that consumer demand will firm markedly in China as the economy continues to recover from the impact of strict economic lockdowns is another supporting factor for oil markets this week,” said Richey. May West Texas Intermediate crude CLK23 fell $1.10, or 1.3%, to settle at $82.16 a barrel on the New York Mercantile Exchange. Prices on Wednesday settled at their highest for a front-month contract since Nov. 16, according to Dow Jones Market Data.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.