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05-Sep2018

Crude oil futures end marginally higher on Tuesday

Crude oil futures ended few cents higher on Tuesday with the benchmark prices holding below $70, as a storm in the Gulf of Mexico looked set to miss the bulk of the region's energy production platforms. The US Bureau of Safety and Environmental Enforcement reported that 54 production platforms, which represent nearly 7.9% of all manned platforms in the Gulf of Mexico, have been evacuated because of the storm. About 9.2% of oil production in the Gulf has been shut in.

Benchmark crude oil futures for October gained 7 cents or 0.1 percent to settle at $69.87 a barrel on the New York Mercantile Exchange. November Brent crude added 2 cents to settle at $78.17 a barrel on London's Intercontinental Exchange.


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