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21-Feb2019

Crude oil futures end higher Wednesday

Crude oil futures ended higher on Wednesday as signs of tighter global crude supplies outweigh pressure from a continued rise in US production. Nigerian President Muhammadu Buhari is reportedly considering cutting crude output in pursuit of higher prices. He added that such a decision would signal a conscious effort by an OPEC member to supplement recent crude production cuts by the Organization of the Petroleum Exporting Countries (OPEC). Meanwhile, Saudi Aramco said it would temporarily close its 400,000 barrel-per-day Yanbu refinery for maintenance.

Benchmark crude oil futures for March surged 83 cents or 1.5 percent to settle at $56.92 a barrel on the New York Mercantile Exchange. April Brent crude gained 63 cents or about 1 percent to settle at $67.08 a barrel on London's Intercontinental Exchange.


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