COMMODITY
Crude oil futures end higher on Friday
Sep-19-2020

Crude oil futures ended higher on Friday as prices edged up despite a surge in coronavirus cases raising uncertainty about the pace of economic recovery and causing worries about the outlook for energy demand. However, recent data showing a sharp drop in US crude stockpiles and Organization of the Petroleum Exporting Countries (OPEC) and allies' move to press for better compliance with output cuts supported oil prices. Gaines in oil prices were capped weighed down by an announcement from Libya about lifting of its blockade of oil output for one month. Reports about US oil producers readying rigs in the Gulf of Mexico weighed as well.

Crude oil futures for October gained $0.14 or 0.34 percent to settle at $41.11 a barrel on the New York Mercantile Exchange. November Brent crude surged $0.55 to settle at $42.75 a barrel on London's Intercontinental Exchange.

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