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09-Feb2019

Crude oil futures end marginally higher on Friday

Crude oil futures ended marginally higher on Friday but suffering a weekly loss of nearly 5%. The decline in oil prices this week came on account of worries about energy demand, a stronger dollar that makes US-priced commodities less attractive, and reports that Libya could soon increase production. China-US trade uncertainty and a vulnerable stock market were adding to the worrisome economic picture.  The weekly drop was also fueled as the European Commission slashed growth forecasts for the eurozone and its major economies sharply for 2019 and 2020, further stoking concerns of a global growth slowdown.

Benchmark crude oil futures for March added 8 cents or 0.2 percent to settle $52.72 a barrel on the New York Mercantile Exchange. April Brent crude rose 47 cents or 0.8 percent to settle at $62.10 a barrel on London's Intercontinental Exchange.


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