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11-Aug2018

Crude oil futures end higher on forecast for rising demand

Crude oil futures ended higher on Friday as a forecast for rising global crude demand, and supply boosts from Russia, offset lingering concerns about trade tensions cutting global consumption of energy products. The International Energy Agency (IEA) raised its forecast for global oil demand growth by 110,000 barrels a day to 1.5 million barrels for 2019. Its monthly report also said global supply had risen by 300,000 barrels a day last month, mainly because of higher output from Russia and higher output from the Organization of the Petroleum Exporting Countries. Meanwhile, the number of active U.S. rigs drilling for oil increased by 10 to 869 for the week, coming after the report showed a decline of 2 in the earlier period.

Benchmark crude oil futures for September surged 82 cents or 1.2 percent to settle at $67.63 a barrel on the New York Mercantile Exchange. October Brent crude rose 74 cents or 1 percent at $72.81 a barrel on London's Intercontinental Exchange.


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