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23-Mar2019

Crude oil futures end lower on Friday

Crude oil futures ended lower on Friday on concerns about global energy demand. However, US prices managed to tally a gain for the week, their third in a row, as OPEC output cuts and US sanctions on Venezuela and Iran look to further tighten supplies. Meanwhile, it is also possible that less crude oil and oil products will reach the world market from Russia in the near future. The Russian government decided that companies will have to sell a certain amount of gasoline and diesel on the domestic market in order to obtain an export permit. This is intended to prevent domestic fuel prices rising too sharply as a result of higher crude oil prices.

Benchmark crude oil futures for May declined 94 cents or 1.6 percent to settle at $59.04 a barrel on the New York Mercantile Exchange. May Brent crude dropped 83 cents or 1.2 percent to settle at $67.03 a barrel on London's Intercontinental Exchange.


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