COMMODITY
Crude oil futures end slightly higher on Friday
Dec-21-2024

Crude oil futures ended slightly higher on Friday as the dollar came off two-year highs after soft PCE readings helped ease concerns about the outlook for interest rate cuts. However, gains remained limited due to persisting concerns about the outlook for oil demand from China, the world's second largest economy. A lack of details on Chinese stimulus measures and signs of reduced U.S. fuel consumption also fueled worries about weakening demand. The Organization of the Petroleum Exporting Countries and allies, collectively known as OPEC+, recently lowered its oil demand growth forecast.

Benchmark crude oil futures for January delivery rose $0.08 or about 0.1 percent to settle at $69.64 a barrel on the New York Mercantile Exchange. Brent crude for February delivery added $0.06 or 0.08 percent to settle at $72.94 a barrel on London's Intercontinental Exchange.


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