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09-Apr2019

Crude oil futures end higher on Monday

Crude oil futures ended higher on Monday as fighting in Libya fed expectations for tighter global supplies. The US military said it pulled a small contingent of American forces from Libya as the country teetered on the brink of full-scale civil war, with fighting continuing around the capital Tripoli. Besides, signs that trade tensions are easing between the US and China also provided support to oil prices. Meanwhile, there are reports that China's state-owned energy giant Sinopec had resumed buying US oil, which was bullish for the oil market.

Benchmark crude oil futures for May surged $1.32 or 2.1 percent to settle at $64.40 a barrel on the New York Mercantile Exchange. June Brent crude rose 76 cents or 1.1 percent to settle at $71.10 a barrel on London's Intercontinental Exchange.


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