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07-May2019

Crude oil futures end higher on Monday

Crude oil futures ended higher on Monday as concerns surrounding US-China trade talks eased and tensions in the Middle East climbed. China's Foreign Ministry spokesman Geng Shuang said that China is still preparing to send a delegation to Washington for trade talks despite Trump's threat to raise tariffs. Besides, there has been a report of a powerful explosion in Saudi Arabia's port city of Yanbu, a key petroleum shipping terminal for the Saudis. The US also sent bombers and a carrier group to the region over the weekend, amid reports US forces in that area may have been targeted for an attack by Iran or a proxy force.

Benchmark crude oil futures for June gained 31 cents or 0.5 percent to settle at $62.25 a barrel on the New York Mercantile Exchange. July Brent crude rose 39 cents or 0.6 percent to settle at $71.24 a barrel on London's Intercontinental Exchange.


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