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29-Jan2019

Crude oil futures end lower on Monday

Crude oil futures ended lower on Monday on account of fresh concerns over supply after data late last week showed a hefty weekly rise in the US oil-rig count, and the potential for a slowdown in energy demand from China pressured prices. Traders also continued to look to political developments in Venezuela for their potential impact on production from the South American nation.

Benchmark crude oil futures for March plunged $1.70 or 3.2 percent to settle $51.99 a barrel on the New York Mercantile Exchange, while March Brent crude dropped $1.71 or 2.8 percent to settle at $59.93 a barrel on London's Intercontinental Exchange.


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