COMMODITY
Crude oil futures end marginally higher on Tuesday
Nov-13-2024

Crude oil futures ended marginally higher on Tuesday on strong dollar. However, gains remained capped as the Organization of the Petroleum Exporting Countries (OPEC) lowered the global oil demand forecast for 2025, and the disappointment over a lack of significant Chinese stimulus. OPEC has cut its forecast for global oil demand growth this year, and lowered its projection for 2025 as well. OPEC said global oil demand will likely rise by 1.82 million barrels per day this year, down from an estimated 1.93 million bpd growth projected last month. For 2025, OPEC has cut its demand estimate to 1.54 million barrels per day, down from the earlier projection of 1.64 million barrels per day.

Benchmark crude oil futures for December delivery gained $0.08 or about 0.16 percent to settle at $68.12 a barrel on the New York Mercantile Exchange. Brent crude for January delivery added $0.06 or about 0.08 percent to settle at $71.89 a barrel on London's Intercontinental Exchange. 


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