COMMODITY
Crude oil futures end sharply higher on Thursday
Sep-20-2024

Crude oil futures ended sharply higher on Thursday amid rising tensions in the Middle East raising possibility of disruptions in supply. Traders were also closely following the developments in the Middle East after walkie-talkies and handheld radios, acquired along with pagers aimed at over 3,000 Hezbollah members, exploded in three areas of Lebanon on Wednesday, resulting in 20 fatalities and injuring at least 450 people. Oil prices were also supported by the Federal Reserve's decision to cut interest rate by 50 basis points, and the recent data showing a larger than expected drop in U.S. crude inventories last week.

Benchmark crude oil futures for October delivery surged $1.04 or 1.5 percent to settle at $71.55 a barrel on the New York Mercantile Exchange. Brent crude for November delivery rose $1.23 or 1.67 percent to settle at $74.88 a barrel on London's Intercontinental Exchange.


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