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Crude oil futures settle marginally lower on Tuesday

24 Feb 2021 Evaluate

Crude oil futures settled marginally lower on Tuesday as traders were weighing the supply position amid reports shale oil producers in the southern United States could take at least a couple of weeks to restart the more than 2 million barrels per day of crude output that was shut down because of a deep freeze. The oil market is also looking ahead to the upcoming meeting of the Organization of the Petroleum Exporting Countries and their allies.

Crude oil futures for April lost 3 cents or nearly 0.1 percent to settle at $61.67 barrel on the New York Mercantile Exchange. However, April Brent crude rose 13 cents or 0.2 percent to settle at $65.37 a barrel on London's Intercontinental Exchange.

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