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Crude oil futures end higher on Thursday

01 Jan 2021 Evaluate

Crude oil futures ended higher on Thursday despite concerns about the outlook for energy demand due to imposition of restrictions on movements in several countries amid a surge in coronavirus cases. In the US, daily new case rate crossed the 200,000 mark for the second consecutive day. With nearly 230,000 new cases reporting across the country in the last 24 hours, the total number of patients infected with the disease increased to over 19,744,700. Meanwhile, the Organization of Petroleum Exporting Countries (OPEC) and its allies including Russia, are scheduled to meet on January 4 to discuss policy and to consider a possible tapering of production cuts.

Crude oil futures for February rose $0.12 or 0.3 percent to settle at $48.52 a barrel on the New York Mercantile Exchange. March Brent crude gained $0.17 or 0.3 percent to settle at $51.80 a barrel on London's Intercontinental Exchange.

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