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Crude oil futures end higher on supply concerns

14 Sep 2021 Evaluate

Crude oil futures ended higher on Monday supported by concerns over shut output in the United States because of damage from Hurricane Ida, with market participants expecting prices to remain rangebound in a stable market over the coming months. Meanwhile, the Organization of the Petroleum Exporting Countries (OPEC) trimmed its world oil demand forecast for the last quarter of 2021, citing the Delta coronavirus variant and saying a further recovery would be partially delayed until next year.

Crude oil futures for October rose 73 cents or 1 percent to settle $70.45 barrel on the New York Mercantile Exchange. November Brent crude surged 59 cents or 0.8 percent to settle at $73.51 a barrel on London's Intercontinental Exchange.