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18-Dec2018

Crude oil futures end lower on Monday

Crude oil futures ended lower on Monday, with US oil prices settling below $50 a barrel level and marking its lowest settlement in more than a year. The market failed to stabilize after a weekly loss, with prices suffering additional pressure from data that reportedly revealed a jump in crude stocks at the US trading hub. The Energy Information Administration (EIA) released its monthly Drilling Productivity report, forecasting a rise of 134,000 barrels a day in US shale oil production for January to 8.166 million barrels a day.

Benchmark crude oil futures for January dropped $1.32 or 2.6 percent to settle $49.88 a barrel on the New York Mercantile Exchange. February Brent crude declined 67 cents or 1.1 percent to settle at $ 59.61 a barrel on London's Intercontinental Exchange.


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