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Crude oil futures end at 17-month low

Crude oil futures ended lower with cut of over two percent on Thursday, sending US benchmark prices to their lowest finish in 17 months after the Federal Reserve hiked US interest rates, and as fir issues returned to haunt the market. Prices for the US benchmark logged their lowest finish since July 21, 2017. The Organization of the Petroleum Exporting Countries is reportedly planning to release a table detailing voluntary supply cut quotas among its members and allies as its tries put a halt to one of the biggest oil price falls in years.

Benchmark crude oil futures for February plunged $2.29 or 4.8 percent to settle $45.88 a barrel on the New York Mercantile Exchange. February Brent crude dropped 2.89 or 5.1 percent to settle at $54.35 a barrel on London's Intercontinental Exchange.

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