Crude oil futures turned lower on Thursday on getting a bearish outlook on global oil demand for 2018. Traders even overlooked the data showing U.S. crude oil stockpiles fell for the third-straight week. Energy Information Administration (EIA) reported that inventories of U.S. crude fell by roughly 2.8m barrels in the week ended Oct. 6. Gasoline inventories rose by roughly 2.5m barrels, while distillate stockpiles fell by about 1.5m barrels, missing expectations of a decline of 2.2m barrels.

Benchmark crude oil futures for November delivery ended lower by $0.70 or 1.4 percent at $50.60 a barrel on the New York Mercantile Exchange. Brent crude for November delivery lost 0.66 cent to $56.28 a barrel on the ICE.

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