Oil futures notch best quarterly gain in 7 years

Oil futures ended lower on Thursday, a day after posting their biggest single-session gain since April, but prices still logged their strongest quarterly gain since mid-2009.

Output disruptions in Canada due to wildfires in May and strong demand for gasoline have helped to draw down supplies of U.S. crude oil, which posted declines in each of the past six weeks. Traders, however, have been concerned about a potential slowdown in energy demand in the wake of the U.K.’s vote to leave the European Union, a.k.a. Brexit, and a likely recovery in global output levels.

August West Texas Intermediate crude CLQ6, +0.25%  fell $1.55, or 3.1%, to settle at $48.33 a barrel on the New York Mercantile Exchange.

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