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04-Jan2019

Crude oil futures end higher on Thursday

Extending their gains for fourth straight session, crude oil futures ended higher on Thursday as sentiment got boost after private surveys revealed monthly declines in crude output from major producers. Members of the Organization of the Petroleum Exporting Countries (OPEC) produced 32.68 million barrels of oil a day in December, down 460,000 barrels a day from a month earlier. The output fall came ahead of the reduction of 1.2 million barrels a day from October 2018 levels pledged by OPEC and nonmember producers, including Russia that became effective at the start of the New Year. However, Thursday's volatility across risk assets, including energy, is growth related and fears of a slowing global economy continue to be a major headwind on oil from a demand standpoint.

Benchmark crude oil futures for February gained 55 cents or 1.2 percent to settle $47.09 a barrel on the New York Mercantile Exchange. March Brent crude rose $1.04 or 1.9 percent to settle at $55.95 a barrel on London's Intercontinental Exchange.


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