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19-Sep2018

Crude oil futures end higher ahead of inventory data

Crude oil futures ended higher on Tuesday as risks to global crude supplies escalated ahead of data that are expected to reveal a fifth-straight weekly decline in US inventories. Saudi Arabia's remarks that it was comfortable with Brent oil above $80 a barrel, at least in the short term, supported oil's up move. Besides, rising geopolitical tensions after Russia blamed Israel for the loss of one of its reconnaissance planes shot down overnight by Syrian defense systems, too contributed to oil's rise. Investors looking for the data from the US Energy Information Administration, to be released September 20.

Benchmark crude oil futures for October gained 94 cents or 1.4 percent to settle at $69.85 a barrel on the New York Mercantile Exchange. November Brent crude fell 98 cents or 1.3% to settle at $79.03 a barrel on London's Intercontinental Exchanged.


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