COMMODITY
Crude oil futures end higher on rising optimism about energy demand
Jun-22-2021

Crude oil futures ended higher on Monday on rising optimism about energy demand and easing worries about excess supply. Thanks to the reopening of economies in the US and the relaxation of restrictions in several countries in Europe and some other parts of the world, the outlook for energy demand has turned positive. Further, worries about possible excess supply in the oil market eased after the latest talks between world powers and Iran to revive a nuclear deal ended without an agreement. Besides, the dollar's weakness against other major currencies also contributed to the rise in oil prices. The dollar index dropped by over 0.4% to 91.83 today.

Crude oil futures for July surged $2.02 or 2.8 percent to settle at $73.66 barrel on the New York Mercantile Exchange. August Brent crude rose $1.25 or 1.7 percent to settle at $74.75 a barrel on London's Intercontinental Exchange.

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