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15-Sep2018

Crude oil futures settle tad higher on Friday

Crude oil futures ended marginally higher on Friday, as the US reportedly increased pressure on countries to comply with upcoming sanctions on Iranian oil. Traders also continued to watch for any impact on the energy market from Hurricane Florence. Besides, gains in crude oil prices were modest as traders were weighing the likely impact of US-China trade dispute on oil demand. Meanwhile, the monitoring committee set up by OPEC and non-OPEC producers is scheduled to meet in Algiers on September 23 to discuss a new production strategy.

Benchmark crude oil futures for October increased 40 cents or 0.6 percent to settle at $68.99 a barrel on the New York Mercantile Exchange. November Brent crude declined 9 cents or 0.1% to settle at $78.09 a barrel on London's Intercontinental Exchanged.


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