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Crude oil futures end higher on Friday

26 Mar 2022 Evaluate

Crude oil futures ended higher on Friday lifted by news about a missile strike at an oil storage depot in Saudi Arabian city Jeddah. The attack was reportedly launched by Yemeni Houthi rebels. However, oil prices dropped earlier in the day amid easing concerns about supply following the partial resumption of exports from Kazakhstan's CPC terminal. An announcement from US President Joe Biden and the European Commission's President Ursula von der Leyen about a US-EU deal to replace Russian natural gas imports by US LNG weighed as well on oil prices early on in the session.

Benchmark crude oil futures for May delivery rose $1.56 or 1.4 percent to settle at $113.90 a barrel on the New York Mercantile Exchange. Brent crude for May delivery gained $1.07 or 0.9 percent to settle at $120.10 a barrel on London's Intercontinental Exchange.