COMMODITY
Crude oil futures end higher on Thursday
Oct-18-2024

Crude oil futures ended higher on Thursday as data from the Energy Information Administration (EIA) showed crude oil inventories in the U.S. fell by 2.2 million barrel in the week ended October 11th, after jumping by 5.8 million barrels in the previous week. Oil inventories were expected to rise by 2.3 million barrels. Besides, China announced supportive measures to prop up the country's troubled property sector, albeit on a small scale. On the geopolitical front, Israeli strikes continue in Lebanon and Gaza and U.S. officials expect Israel to respond to Iran's October attack before November 5.

Benchmark crude oil futures for November delivery rose $0.28 or about 0.4 percent to settle at $70.67 a barrel on the New York Mercantile Exchange. Brent crude for December delivery gained $0.23 or about 0.31 percent to settle at $74.45 a barrel on London's Intercontinental Exchange.


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