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12-Feb2019

Crude oil futures settle lower on Monday

Crude oil futures settled lower on Monday, with energy demand concerns, signs of rising US oil production and a stronger dollar pressuring prices. The macro picture surrounding global economic situation is still very much uncertain. That continues to weigh on the demand side. Besides, investors will be watching out for the Organization of the Petroleum Exporting Countries (OPEC) monthly report on Tuesday, which should provide clearer insight into how the oil cartel and its allies are complying with their global output agreement. Meanwhile, the Energy Information Administration is scheduled to release its weekly Short-term Energy Outlook report Tuesday, which include forecasts for oil prices. The International Energy Agency's monthly oil report is due Wednesday.

Benchmark crude oil futures for March declined 31 cents or 0.6 percent to settle $52.41 a barrel on the New York Mercantile Exchange. April Brent crude fell 59 cents or 1 percent to settle at $61.51 a barrel on London's Intercontinental Exchange.


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