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11-Sep2018

Crude oil futures end lower as Atlantic storms threaten energy demand

Crude oil futures ended lower on Monday on the back of growing concerns that storms churning in the Atlantic will hurt energy demand on the US East Coast. The market was showing concerns about Hurricane Florence in the Atlantic and its potential to weaken energy demand on the East Coast. As per the National Hurricane Center, the storm is expected to approach the coast of South Carolina and North Carolina on Thursday. However, crude prices continued to climb on expectations that renewed sanctions on Iran will tighten the world's supply of oil.

Benchmark crude oil futures for October declined 21 cents or 0.3 percent to settle at $67.54 a barrel on the New York Mercantile Exchange. November Brent crude gained 54 cents or 0.7% to settle at $77.37 a barrel on London's Intercontinental Exchanged.


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