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21-Nov2018

Crude oil futures end lower on Tuesday

Crude oil futures ended lower on Tuesday with benchmark finishing at its lowest in over a year, as investor attention remained fixed on supply ahead of a key meeting of major oil producers early next month. Meanwhile, October US petroleum inventory stands above the five-year average and the decline in Iranian oil exports has been less than anticipated. Both the US contract and the global benchmark Brent oil are in bear market, usually characterized as a decline of at least 20% from a recent peak. In fact, US oil is down 31% from its October 3 peak at $76.41 a barrel.

Benchmark crude oil futures for January dropped $3.77 or 6.6 percent to settle $53.43 a barrel on the New York Mercantile Exchange. January Brent crude declined $4.26 or 6.4% percent to settle at $62.53 a barrel on London's Intercontinental Exchange.


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