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Crude oil futures end higher on Tuesday

13 Jan 2021 Evaluate

Crude oil futures ended higher on Tuesday, lifting the most actively traded oil futures contract to their best close in about 11 months. A weak dollar and Saudi Arabia's decision to cut production in the next two months supported the commodity. Saudi Arabia said last week that it has decided to cut production by 1 million barrels a day in February and March.

Crude oil futures for February rose 96 cents or 1.8 percent to settle at $53.21 a barrel on the New York Mercantile Exchange. March Brent crude surged 92 cents or 1.7 percent to settle at $56.58 a barrel on London's Intercontinental Exchange.

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