COMMODITY
Crude oil futures end higher despite jump in US crude stockpiles
Oct-18-2019

Crude oil futures ended higher on Thursday on account of the development on the Brexit front, where the UK and the European Union have reached an agreement on a draft deal for the UK's exit from the EU.  Some support also came in as the US and Turkey reached a cease-fire pact in Syria, temporarily easing Middle East tensions. However, the Energy Information Administration (EIA) reported that US crude supplies climbed for a fifth week in a row, by 9.3 million barrels for the week ended October 11. Data were released a day late because of Monday’s US Columbus Day holiday. The American Petroleum Institute on Wednesday reported a climb of 10.5 million barrels.

Benchmark crude oil futures for November surged 57 cents or 1.1 percent to settle at $53.93 a barrel on the New York Mercantile Exchange. December Brent rose 49 cents or 0.8 percent to settle at $59.91 a barrel on London's Intercontinental Exchange.

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