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01-Feb2019

Crude oil futures end lower on Thursday

Crude oil futures ended lower on Thursday on the back of profit booking, but still finished the month with an 18% gain-the strongest monthly rise in nearly three years. The upbeat tone for continued a day after weekly US crude supplies were reported up less than expected and amid continued reaction to US sanctions on Venezuela's state-run oil company, all of which helped to lift US benchmark prices higher. Meanwhile, the oversupply narrative from US production will likely be more relevant after winter, but it should still cap any rallies that target $60 to $70 range.

Benchmark crude oil futures for March declined 44 cents or 0.8 percent to settle $53.79 a barrel on the New York Mercantile Exchange, while March Brent crude rose 24 cents or 0.4 percent to settle at $61.89 a barrel on London's Intercontinental Exchange.


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