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16-Oct2018

Crude oil futures end higher on Monday

Crude oil futures ended higher for second straight session on Monday amid speculation about a likely drop in demand due to the impact of the US-China trade dispute on global economic growth. President Donald Trump threatened severe punishment if an investigation finds the kingdom in any way involved in the disappearance of dissident Saudi journalist Jamal Khashoggi, who was last seen entering the Saudi consulate in Istanbul on October 2. Meanwhile, the Organization of the Petroleum Exporting Countries (OPEC) lowered its global oil demand growth forecast for demand this year and next, as it showed rising OPEC and Russian production.

Benchmark crude oil futures for November gained 44 cents or 0.6 percent to settle at $71.78 a barrel on the New York Mercantile Exchange. December Brent crude was up by 35 cents or 0.4 percent to settle at $80.78 a barrel on London's Intercontinental Exchanged.


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