COMMODITY
Crude oil futures end significantly higher on Monday
Aug-09-2022

Magnifying their previous session’s gains, crude oil futures ended significantly higher on Monday as the Chinese data showed an increase in crude oil imports in July. Chinese customs data showed that it imported 8.79 million barrels a day of crude oil in July, up from a four-year low in June. However, the import was still 9.5% lower than a year ago. China, a major importer of crude oil in the global market, witnessed a growth in the crude oil imports during July due to the rebound in the economic activities in that country after a series of lockdowns in the previous months.

Benchmark crude oil futures for September delivery rose $1.75 or 2 percent to settle at $90.76 a barrel on the New York Mercantile Exchange. Brent crude for October delivery added $1.73 or 1.8 percent to settle at $96.65 a barrel on London's Intercontinental Exchange.

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