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Crude oil futures end higher on Thursday

15 Jan 2021 Evaluate

Crude oil futures ended higher on Thursday on hopes big stimulus from the Biden administration and the Covid vaccination drive will help lift energy demand. The recent data showing a drop in US crude inventories and Saudi Arabia's decision to cut crude output by 1 million barrels per day in February and March also contributed to oil's advance. A weak dollar also supported crude prices.

Crude oil futures for February rose $0.66 or 1.3 percent to settle at $53.57 a barrel on the New York Mercantile Exchange. March Brent crude gained $0.25 or 0.4 percent to settle at $56.31 a barrel on London's Intercontinental Exchange.

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