COMMODITY
Crude oil futures end higher on Thursday
Apr-26-2024

Crude oil futures ended higher on Thursday despite data showing slower than expected U.S. first-quarter GDP growth. The Commerce Department said gross domestic product increased by 1.6% in the first quarter after surging by 3.4% in the fourth quarter of 2023. Street had expected GDP to jump by 2.5%. Meanwhile, on the geopolitical front, Israel is reportedly launching airstrikes on Rafah as the country makes preparations to invade the city, despite warnings from allies that such an operation would compound the humanitarian crisis in Gaza.

Benchmark crude oil futures for June delivery rose $0.76 or 0.92% to settle at $83.57 a barrel on the New York Mercantile Exchange. Brent crude for June delivery surged $0.99 or 1.12% to $89.01 per barrel on London's Intercontinental Exchange. 

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