COMMODITY
Crude oil futures end higher on Tuesday
Sep-18-2024

Crude oil futures ended higher on Tuesday as concerns about tight supply in the market offset continued uncertainty about the outlook for demand from China. Optimism about an interest rate cut by the Federal Reserve on Wednesday, and possibility of more reductions in the coming months, contributed as well to the rise in oil prices. Also concerns about supply disruptions persist, the Bureau of Safety and Environmental Enforcement (BSEE) said that just about 12% of crude production remained offline in the U.S. Gulf of Mexico, compared to over 40% shut-in at the peak when Hurricane Francine made landfall.

Benchmark crude oil futures for October delivery rose $1.10 or 1.5 percent to settle at $71.19 a barrel on the New York Mercantile Exchange. Brent crude for November delivery surged $0.95 or 1.30 percent to settle at $73.70 a barrel on London's Intercontinental Exchange.


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