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06-Feb2019

Crude oil futures end lower on Tuesday

Crude oil futures ended lower on Tuesday as investors weighed concerns about global energy demand against the price-supportive reports from the political crisis in Venezuela. Meanwhile, as per a report, the Organization of the Petroleum Exporting Countries (OPEC) officials said that Saudi Arabia and its Persian Gulf allies were looking to create a formal partnership with a 10-nation group led by Russia to manage the world's oil market. The officials also said those oil-producing nations would debate the proposal during the week of February 18 Vienna, with the potential for a final deal when they meet in April.

Benchmark crude oil futures for March dropped 90 cents or 1.7 percent to settle $53.66 a barrel on the New York Mercantile Exchange. April Brent crude declined 53 cents or 0.9 percent to settle at $61.98 a barrel on London's Intercontinental Exchange.


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