COMMODITY
Crude oil futures end higher on Tuesday
Sep-22-2021

Crude oil futures ended higher on Tuesday as the Organization of the Petroleum Exporting Countries and its allies including Russia (OPEC+) struggled to pump enough oil in August to meet current consumption as the world recovers from the coronavirus pandemic. Several countries appeared to have produced less than expected as part of the OPEC+ agreement - suggesting a supply gap could grow. Further, Data showing a slow recovery of US oil output in the Gulf of Mexico, which faced disruptions due to Hurricane Ida recently, supported oil prices.

Benchmark Crude oil futures October delivery rose $0.27 or 0.4 percent to settle at $70.56 barrel on the New York Mercantile Exchange. Brent crude for November delivery gained $0.35 or 0.5 percent to settle at $70.49 a barrel on London's Intercontinental Exchange.

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